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Bristol-based health tech Invatech shoots up funding to £2.2M to offer game-changing software to pharmacies

Invatech Health

The pandemic crisis has put immense pressure on pharmacies, making them opt for technology to better cope up with massive volume of work. With the use of technology, pharmacists spend relatively lesser time on frontline healthcare. Bristol-based Invatech Health provides SaaS solutions in primary and secondary healthcare. The company acquired the Intellectual Property rights to the Proactive Care System (PCS) developed at Pharmacy Plus and remodelled it so it can be provided to the care sector through local pharmacies.

Funding for Titan software

Now, this cutting-edge pharmacy software secured a major boost following the latest investment round via a Government scheme that backs pioneering tech businesses. Invatech Health has now announced a further £900k award from Innovate UK, under a competitive programme to support game-changing innovations in the UK’s SME community.

The latest round of funding builds on the initial loan to Invatech in February 2018 for the development of Titan, its revolutionary pharmacy operating system, and complements further grant funding during the coronavirus pandemic to support remote working for independent pharmacists. Now, the completion of the £2.2 million total funding marks the start of a new growth phase for Titan and will support rapid development of brand new features for the company’s leading platform.

In late 2019, Titan was accredited by NHS, the first pharmacy Patient Medication Record (PMR) in 15 years. Already, it has taken 2% market share on processing over 1.5 million prescriptions each month across several customer sites in England and Wales.

The new and innovative cloud-based solution digitises the end-to-end workflow within pharmacies, paves way for safer medicine dispensing using barcode technology, helps control business activities and improves the experience for patients and practice owners alike.

Scalable cloud infrastructure

Titan intends to free up pharmacists’ time letting them to focus on newly-commissioned patient services designed to relieve the burden from under-pressure GPs and the wider NHS.

Eventually, the disruptive technology has become the platform of choice for some of the largest UK online pharmacies that have leveraged Titan’s highly scalable AWS cloud infrastructure to process mass volumes over 60,000 prescriptions per day.

Tariq Muhammad, CEO of Invatech Health, said: “We’re delighted with the progress that Titan has made, commercially and operationally, over the past two years. We have taken an idea and built something which is helping independent pharmacy businesses and large scale operators alike.

Also, the investment will let Invatech Health focus on developing new features that we haven’t seen before.

Support from Innovate UK

Innovate UK is a Government agency supporting innovation nationwide. It is part of UK Research and Innovation (UKRI), the national funding agency which invests in science and research in the UK. Nigel Walker, Deputy Director, Lending & Investor Partnerships at Innovate UK, said: “Innovate UK is pleased to support Invatech Health in its important and highly innovative development of Titan PMR for the pharmacy sector. The business has met all the objectives established during the first phase of the loan arrangement and we are delighted to provide further funding to support the company’s ongoing innovations.”