Rinicare Limited, a leading Manchester-based intelligent healthcare company has announced the completion of its financing round by welcoming new investors Catapult Ventures and NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.
The funding will be used to support the commercialisation of Rinicare’s digital healthcare portfolio, which is designed to provide solutions that improve outcomes and reduce costs in a number of settings such as emergency, primary and community care as well as progress its AI-powered predictive algorithm for intensive care.
Healthcare providers around the world face the challenge of maintaining sustainable healthcare systems in light of an ageing population and continuously increasing costs. Rinicare’s approach to addressing these challenges is based on a collaborative effort with clinicians and end users to design advanced wireless communications, innovative prediction algorithms and enhanced software technology solutions that demonstrably improve outcomes and reduce healthcare costs.
The company markets its wireless physiological signs technology (PRIME) and its falls prevention system (SAFE) globally in a number of healthcare solutions, which are tailored to individual needs.
In addition to its expanding marketed solutions, Rinicare is developing its AI predictive system, Stability, which is initially focused at intensive care and addresses a global market for predictive healthcare analytics. This fast emerging area of healthcare is estimated to grow at a compound annual growth rate of over 25%, reaching an estimated global market value of $24.6billion by 2022.
Stuart Hendry, CEO of Rinicare, commented: “We are very pleased to welcome such high-quality investors in this financing round. We will be using proceeds to support the ongoing commercialisation of our PRIME and SAFE based healthcare solutions in the UK and abroad as well as continuing with the development of world-leading Stability AI intensive care programme that has already captured data from several thousand intensive care patients.”
Dr Vijay Barathan, Life Science Partner, Catapult Ventures said: “We are excited to work with Rinicare as they commercialise their intelligent health product portfolio in the UK and international healthcare markets. Each product represents an innovative solution and significant market opportunity.”
Dr Mark Wyatt, Investment Director at Mercia, said: “I am looking forward to working with the Rinicare team, and I am excited to see their technologies drive efficiency gains and patient benefits into the healthcare system.”
Sue Barnard, Senior Relationship Manager at British Business Bank, said: “The healthcare market is evolving rapidly, and is expected to grow significantly over the next few years. The North is home to many innovative businesses in this space, such as Rinicare, and NPIF is pleased to support those looking to enter the next phase of growth.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.