Medi2Data Revolutionizing Medical Data Transactions with Innovative Technology and Strategic Funding
May 25, 2024, 9:33 am
In the bustling city of Cardiff, Wales, a healthtech company by the name of Medi2Data is making waves in the healthcare industry with its groundbreaking approach to medical data transactions. Recently, the company announced a significant milestone by securing a substantial £2.1 million in funding, a testament to its potential and promise in the realm of healthcare technology.
Led by Wealth Club and supported by existing investors, the funding round under the Enterprise Investment Scheme (EIS) will serve as a catalyst for Medi2Data's growth and expansion plans. The company's vision is clear - to build out its team and infrastructure, enabling it to continue converting and servicing its multi-million-pound pipeline in the UK while also bolstering its international footprint, as evidenced by the establishment of a new office in Cape Town, South Africa.
Founded by the visionary Richard Freeman, Medi2Data has developed a suite of digital products and services designed to streamline the process of transacting medical data quickly and securely. The importance of medical evidence in various health risk assessments cannot be understated, from underwriting life insurance to assessing a recruit's health for the armed forces. However, the existing process for preparing and sharing consented patient medical data remains predominantly manual and time-consuming, estimated to consume 850,000 days of GP surgery staff time and costing a staggering £180 million annually.
Medi2Data's platform stands out as a beacon of innovation in this landscape, as it is the only one of its kind built on the same clinical coding structure utilized by government healthcare platforms in the UK and other key markets such as the US, Australia, South Africa, and Europe. This unique foundation allows the platform to produce faster, more structured, targeted, and accurate medical reporting, revolutionizing the way healthcare data is managed and shared.
One of the key features of Medi2Data's proprietary technology is its automatic redaction of non-requested data, ensuring patient privacy is maintained in compliance with GDPR requirements. Additionally, the company offers a team of clinicians who provide a fully outsourced medical reporting and triage service to both GP surgeries and instructing clients, further enhancing the efficiency and effectiveness of healthcare data transactions.
Currently, Medi2Data serves thousands of leading insurers, Clinical Research Organizations (CROs), and health and retail providers, delivering a range of services including pain management and condition-specific digital monitoring. The company's commitment to excellence and innovation has garnered the attention and support of Wealth Club, which led the recent funding round.
Gayle Bowen, Director of Direct Investments at Wealth Club, expressed confidence in Medi2Data's trajectory, noting that sales are expected to double in the next 12 months with a focus on achieving sustainable profitability. The infusion of funds will enable the company to scale its operations, strengthen its market presence, and continue to drive innovation in the healthcare technology sector.
With a dedicated team of 53 full-time employees and offices in London, Cardiff, and Cape Town, South Africa, Medi2Data is well-positioned to make a lasting impact on the global healthcare landscape. As the company embarks on its next phase of growth and evolution, it is poised to revolutionize medical data transactions, paving the way for a more efficient, secure, and patient-centric healthcare system. Medi2Data is not just a company; it is a beacon of hope and progress in the ever-evolving world of healthcare technology.
Led by Wealth Club and supported by existing investors, the funding round under the Enterprise Investment Scheme (EIS) will serve as a catalyst for Medi2Data's growth and expansion plans. The company's vision is clear - to build out its team and infrastructure, enabling it to continue converting and servicing its multi-million-pound pipeline in the UK while also bolstering its international footprint, as evidenced by the establishment of a new office in Cape Town, South Africa.
Founded by the visionary Richard Freeman, Medi2Data has developed a suite of digital products and services designed to streamline the process of transacting medical data quickly and securely. The importance of medical evidence in various health risk assessments cannot be understated, from underwriting life insurance to assessing a recruit's health for the armed forces. However, the existing process for preparing and sharing consented patient medical data remains predominantly manual and time-consuming, estimated to consume 850,000 days of GP surgery staff time and costing a staggering £180 million annually.
Medi2Data's platform stands out as a beacon of innovation in this landscape, as it is the only one of its kind built on the same clinical coding structure utilized by government healthcare platforms in the UK and other key markets such as the US, Australia, South Africa, and Europe. This unique foundation allows the platform to produce faster, more structured, targeted, and accurate medical reporting, revolutionizing the way healthcare data is managed and shared.
One of the key features of Medi2Data's proprietary technology is its automatic redaction of non-requested data, ensuring patient privacy is maintained in compliance with GDPR requirements. Additionally, the company offers a team of clinicians who provide a fully outsourced medical reporting and triage service to both GP surgeries and instructing clients, further enhancing the efficiency and effectiveness of healthcare data transactions.
Currently, Medi2Data serves thousands of leading insurers, Clinical Research Organizations (CROs), and health and retail providers, delivering a range of services including pain management and condition-specific digital monitoring. The company's commitment to excellence and innovation has garnered the attention and support of Wealth Club, which led the recent funding round.
Gayle Bowen, Director of Direct Investments at Wealth Club, expressed confidence in Medi2Data's trajectory, noting that sales are expected to double in the next 12 months with a focus on achieving sustainable profitability. The infusion of funds will enable the company to scale its operations, strengthen its market presence, and continue to drive innovation in the healthcare technology sector.
With a dedicated team of 53 full-time employees and offices in London, Cardiff, and Cape Town, South Africa, Medi2Data is well-positioned to make a lasting impact on the global healthcare landscape. As the company embarks on its next phase of growth and evolution, it is poised to revolutionize medical data transactions, paving the way for a more efficient, secure, and patient-centric healthcare system. Medi2Data is not just a company; it is a beacon of hope and progress in the ever-evolving world of healthcare technology.