16th July 2019
Former doctor-turned-tech-entrepreneur Lanre Olaitan has created a software program to reduce waiting times in A&E and secured a £153,000 investment through NorthInvest, the Northern Powerhouse Investment Fund (NPIF) – Mercia Equity Finance.
MedCircuit 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.
What problem is Renephra solving?
Olaitan explains, “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.”
The goal is to provide a safe, gentle, and simple medical device for patients to use as home.
The Renephra team envisage that the device will be applied daily by a district or heart failure nurse who visits these patients during exacerbations of their condition. It is planned that the patient will be able to remove the device at the end of therapy and change the canister if it gets full during treatment. However, due to the simplicity of application and removal, it is envisaged that the therapy could be entirely patient administered for some sufferers.
What was the funding used for?
“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.”
This investment followed MedCircuit’s success in winning a £50,000 grant from Innovate UK and £80,000 investment from the Oxford Innovation Opportunity Network, allowing the company to further develop its software and to run trials across a number of UK hospitals.
The deal was facilitated by NorthInvest, who introduced MedCircuit to Mercia Asset Management. This gave MedCircuit access to the Northern Powerhouse Investment Fund (NIPF) – Mercia Equity Finance equity funding for early or late stage startups looking to raise between £100k – £2m.
Jonny Sharp, Investment Manager with Mercia Asset Management, 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.”
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.”