Healthtech firm PhysioMedics strengthening prognosis with seven-figure investment
The company, which explains that it is focused on helping improve the management of back, neck, joint and limb conditions, has secured equity and grant funding totalling £1.5 million from existing investor Archangels, Scottish Enterprise and Innovate UK, to allow it to accelerate its commercial growth and product roadmap, including expanding into European and Indian markets.
It adds that it was founded in 2010 by chartered physiotherapist Kirsten Lord, bringing more than 30 years’ experience of treating thousands of patients, and working with a team of specialist physiotherapists.
The tech firm says its PhysioWizard platform is the only clinically validated self-assessment tool for muscle and joint problems that patients can complete online, without requiring a clinician, and seeing demand having increased amid the growth in home working.
It said muscle and joint pain now causes 37 per cent of employee absenteeism, up from 30 per cent in 2021, and costs UK employers an estimated £7.3 billion a year in salary costs alone.
The firm’s platform, which in 2017 was given a £250,000 funding boost, is billed as matching patients with the recommended treatment, providing patient-led self-care and advice. It also said the latest capital injection follows the appointment last year of chief executive Charles Sweeney to lead it through its next growth stage.
He has more than 20 years’ experience of leading companies in a range of sectors, and a long association with Archangels, one of Scotland’s top investment syndicates. Mr Sweeney is currently non-executive chairman of another Archangels portfolio company, Hearing Diagnostics, and a board member of the Glasgow-based Digital Health and Care Innovation Centre.
He said: “The further investment secured from Archangels and Scottish Enterprise comes at an important stage of our journey, as we move from product-development and early commercialisation into a more focused phase of commercial growth. The Innovate UK grant will also allow us to accelerate the pace of our product roadmap, which will revolutionise how musculoskeletal triage is delivered to customers.”
David Ovens, joint MD of Archangels, said: “In a post-pandemic world, web-based clinical triage is becoming an increasingly important part of how healthcare is delivered in the UK and globally, providing a vital service and reducing the burden on healthcare teams. I have no doubt that the clinical depth of the PhysioWizard product, which has been developed over many years, will ensure that it becomes the leading digital triage solution not only in the UK but globally.”
Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, said: “Since the pandemic, more and more people are turning to digital healthcare solutions, and PhysioMedics is helping to meet that market demand with its PhysioWizard product. We’ve supported the company in various ways since its early days, and are pleased to see it continue to scale up and expand internationally.”
Archangels says it is the world’s longest continually operated business angel syndicate, now comprising around 120 members and a five-strong full time executive team. In 2021 invested £11.8m to reach a total of £23.6m including co-investment from Scottish Government agencies and other partners, a year-on-year jump of 44 per cent.
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