Drayson Technologies has closed a £15m Series C round led by Woodford Investment Management.
The HealthTech firm struck a licensing deal which will see the NHS gain £5m worth of equity as part of the round.
The University of Oxford and Oxford University Hospitals NHS Foundation Trust will now work together with Drayson Technologies as part of the five-year strategic research agreement (SRA).
Peter Knight, chief information and digital officer at Oxford University Hospitals NHS Foundation Trust, commented on the agreement: “I am delighted that the Trust and the University of Oxford, working in partnership, have reached this agreement with Drayson Technologies.
“Working together will allow us to bring technologies that we invent and develop together to our patients faster. We will also be able to reinvest royalties from the results of research and development created in the partnership of the University and NHS back into our services for the benefit of our patients.”
Now with more than £41m in funding, Drayson Technologies seeks to make it easier and cheaper for companies in the space to deploy, own and run IoT networks.
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Founded in 2015, the firm leverages IoT, an ‘innovative’ wireless charging technology and machine learning to create a smart sensor network.
Lord Drayson, a former Labour government science minister and the firm’s founder, chairman and CEO, commented on the news: “Chronic disease affects the lives of millions of people as well as accounting for around 70% of NHS costs. Digital health technologies offer the potential to make a huge difference for these people and save money for the NHS.
“This highly innovative partnership will ensure that there is a pathway from invention to commercialisation for digital health products created in Oxford that will deliver benefits to patients and reinvestment back into the University and the NHS Trust.”
The London-based company spun out of Imperial College and currently has sales offices in Mexico City and San Francisco.
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Previous investors in the company include Lansdowne Partners and Capital Invent.
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