Edinburgh-based health tech company PhysioMedics has secured an additional £1.5m in funding to expand commercial operations for its muscle and joints online self-assessment tool.
The Scottish company’s triage platform, called PhysioWizard, has been clinically validated and matches patients with advice and treatments once they’ve completed a 10-minute online assessment.
PhysoMedics said it plans to use the capital injection to expand into European and Indian markets.
The equity and grant funding came from business angel investment syndicate Archangels, economic development public body Scottish Enterprise and Innovate UK.
Founded in 2010 by chartered physiotherapist Kirsten Lord, PhysioMedics has previously received a £250,000 seed investment from Archangels in 2017, which is also based in Scotland.
“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,” said PhysioMedics chief Charles Sweeney. “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.”
The company’s investors see growth potential for PhysioMedics in a market where patients have become accustomed to accessing treatment.
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.”
The funding from Innovate UK, the government’s innovation agency, came as part of a wider £20m package for more than 25 products and services aimed at supporting people as they age.