Latest funding round for Vet tech business takes total investment to £12.6m

Veterinary technology company, Vet-AI, has secured a combined investment from Hill’s Pet Nutrition and Correlation One Holdings.

The latest round of investments will enable the business to further scale-up its operations. It is the third investment for Vet-AI from Correlation.

Vet-AI, which is based in Nexus, University of Leeds, has now attracted a combined total investment of £12.6m from several strategic partners since launching in 2019.

It says the backing of both investors will help to improve the lives of veterinarians and pets. The collaborations will open up digital veterinary care to millions of pet owners through Vet-AI’s Joii Pet Care app.

It will also enable the business to provide AI-powered technology solutions and assistance to veterinary practices, bringing the industry together to address the rise in demand for veterinary care.

Joii Pet Care provides tools for veterinary practices so that a higher proportion of in-practice resource is used for more complex procedures – helping to reduce workload for veterinary professionals whilst increasing engagement overall.

Paul Hallett, co-founder of Vet-AI, said: “These really important funding rounds with two long-term strategic parters will help us undertake innovative work to provide a much-needed bridge between digital and face-to-face veterinary care.

“This combined approach will support even more pets and clinical professionals to thrive.

“We are focused on doing all we can to ease pressures in the industry while providing convenient and affordable access to veterinary care – underpinned by cutting-edge technology.”

Dr Hein Meyer, director of professional and veterinary affairs at Hill’s Pet Nutrition, added: “We see Joii Pet Care as a powerful tool veterinary surgeons can take advantage of to alleviate stress and free up time and resources.

“Joii supports veterinarians by clearing more time for procedures that require their skill and expertise. We think vets will appreciate Joii’s many helpful functionalities, such as tele-triage, online follow-ups and check-ups.”

Working with established brand Hill’s Pet Nutrition will also add nutrition expertise to the Joii Pet Care offering.

Veterinary surgeon Dr Robert Dawson, co-founder of Vet-AI, said: “These important strategic collaborations give us the ability to provide a truly holistic veterinary care offering, underpinned by expert knowledge and innovative technology.

“Together we can improve the lives of pets and vets across the globe through improved data insights.

“It’s no secret that veterinary practice colleagues are under increasing pressure. Our mission is to do all we can to alleviate that.”

Egbert Le Roux, director of Correlation, said: “We have been very impressed with the Vet-AI team to date and the way they approach their mission. We’re very much looking forward to working with them alongside Hill’s Pet Nutrition on the next chapter.”

Vet-AI was founded in 2017 by entrepreneur Paul Hallett in partnership with veterinary surgeons Dr Robert Dawson and Dr Sarah Warren.

Joii Pet Care offers a “virtual veterinary clinic”, with the goal of taking some of the burden off local veterinary practices with pre-emptive tasks that pet parents can perform online directly in the Joii app.

Lupton Fawcett, a minority shareholder in Vet-AI, provided legal advisory. Deal advisory was also provided by KPMG, BHW and CMS.