Edinburgh-based PhysioMedics is poised to scale its commercial operations after securing £1.5m in capital.
The equity and grant funding came from Archangels, Scottish Enterprise and Innovate UK and should allow the start-up to accelerate its commercial growth and product roadmap, including expanding into European and Indian markets.
The company’s PhysioWizard platform is the only clinically-validated self-assessment tool for muscle and joint problems that patients can complete online, without requiring a clinician.
It matches patients with the recommended treatment and provides patient-led advice, enabling users to actively participate in their treatment and achieve better results.
The latest funding follows the appointment last year of a new chief executive, Charles Sweeney, to lead the company through the next stage of its growth.
He has more than 20 years’ experience of leading companies in a range of sectors - and a long association with Archangels.
Sweeney is currently non-executive chair of another Archangels portfolio company, Hearing Diagnostics, and a board member of the Glasgow-based Digital Health and Care Innovation Centre.
PhysioMedics was founded by Kirsten Lord in 2010, a Chartered physiotherapist with over 30 years’ experience of treating thousands of patients, working with a team of specialist physiotherapists.
Sweeney said: “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.
“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.”
David Ovens, joint managing director of Archangels, said: “In a post-pandemic world, web-based clinical triage is becoming an increasingly an important part of how healthcare is delivered in the UK and globally, providing a vital service and reducing the burden on healthcare teams.
“I have no doubt that the clinical depth of the PhysioWizard product, which has been developed over many years, will ensure that it becomes the leading digital triage solution not only in the UK but globally.”
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