A former doctor who has created a software program to reduce waiting times in A&E has secured a £153,000 investment with the support of non for profit, business connector NorthInvest & NPIF – Mercia Equity Finance .
MedCircuit founded by Lanre Olaitan has developed software that allows patients to check into A&E using an iPad and answer questions about their illness. By reducing the time doctors spend taking notes and providing them with information ahead of assessment, the application aims to speed up consultations, allowing patients to move through the system quickly.
Lanre Olaitan, CEO, Medcircuit, said, “A&E waiting times have increased greatly over recent years. The NHS is struggling to meet the national standard of the 4-hour wait.The demand for the MedCircuit software has been huge and the hospitals recognise the benefit it will have on their efficiency and in turn quality and patient satisfaction.”
“Investment from Mercia will help MedCircuit complete and accelerate its pilots with several hospitals and NHS trusts around the UK. There are several key players working to enable the uptake of innovation in healthcare such as the academic health science network, health innovation Manchester and NorthInvest.”
Helen Oldham, Founding Director, NorthInvest, said, “I’m delighted at the strong start for North Invest during 2018 and that our first significant business investment work has been around one of our key segments: Med-tech.”
“Our investor network is growing rapidly and we’ve had amazing support from both the private and public sector in creating access to early stage funding for tech start-ups in the North. It’s been an incredible journey so far, and now, we are able to truly start to see the long-term impacts our investors can have on real-world tech that really is changing the world.”
NorthInvest is dedicated to building a stronger and more connected tech investor and start-up community across the North of England. We see early stage funding as fundamental to this and have created a not-for-profit, socially aware organisation which connects investors to tech founders.
Professor Adam Beaumont, NorthInvest founder and CEO, said: “I’m a big believer in pan-Northern initiatives. The alignment between Northinvest, Mercia and the Northern Powerhouse Investment Fund is strong and we share the same vision to drive growth from the ground-up, by investing in and building the businesses of tomorrow across the Northern Powerhouse.”
Jonny Sharp, Investment Manager with Mercia Fund Managers, said: “As a former A&E doctor, Lanre fully understands the hospital environment and patients’ clinical needs. He spotted the potential to improve efficiency and allow patients to be referred more quickly to the right department. In just a short space of time and with limited resources, he has succeeded in delivering a fully functioning product ready for hospital trials. The funding will allow him to further develop the software and fund trials to build evidence of its effectiveness.”
This latest investment follows MedCircuit’s recent success in winning a £50,000 grant from Innovate UK and £80,000 investment from the Oxford Innovation Opportunity Network.
Investment platform Northinvest advised MedCircuit on the fundraising, which will allow the company to further develop the software and to run trials across a number of UK hospitals.
MedCircuit is a groundbreaking triage software assisting doctors and nurses in the clinical setting to improve efficiency in both emergency medicine and general practice. It was created by a team of doctors, nurses and technology professionals. We saw the need for new technologies to aid the medical industry in coping with pressures created by ever growing demand on medical services.
NorthInvest is a not-for-profit angel investment platform that connects ventures with mentors and investors. Working with major influencers, investors and other key ecosystems in the North, it provides an inclusive, convenient platform that allows access to relevant and passionate investors.
About Prof. Adam Beaumont
Adam Beaumont is the founder and CEO of telecoms operator aql and investment platform NorthInvest, a visiting professor of cyber security at the University of Leeds and the founder of IXLeeds – the first fully-independent internet exchange outside London. His aim is to unlock innovation, sustainability and entrepreneurship across the North.
About Mercia Fund Managers
Mercia Fund Managers provides both equity and debt finance to small businesses based in the UK regions. The Group has more than 300 businesses in its portfolio, a strong record including 11 IPOs and manages in excess of £350 milllion of third party funds, including Mercia EIS Funds.