Tech-focused investment bank ICON Corporate Finance has acted as exclusive financial adviser to RwHealth, the leading provider of Artificial Intelligence to the UK healthcare industry, in a ScaleUp funding round from Maven Capital Partners, one of the UK’s leading private equity firms.
The investment will be used primarily to scale RwHealth’s sales and marketing operations, and to aid its ambitious expansion plans. It will also enable the business to further develop its AI and data-led solutions which are increasingly embraced by NHS trusts, private healthcare providers and major pharmaceutical companies. The funding follows on from recent news that RwHealth achieved 160% year-on-year growth.
RwHealth’s unique Data Science Platform combines Machine Learning, Artificial Intelligence (AI) and Data Science to provide healthcare organisations with access to the best and most in-depth data available. This enables users to make better decisions, at pace, improving outcomes for their patients.
RwHealth’s success mirrors the wider growth of AI in healthcare, as stakeholders across the health ecosystem try to find new ways to increase efficiency, save money and deliver optimised clinical outcomes at speed. In September 2020, NHSX, the organisation driving the digital transformation of health and social care, announced a £250 million investment into injecting more AI technology into UK healthcare.
Commenting on the investment, Alexander Sleigh, Investment Director at Maven, said: “RwHealth is at the forefront of the drive to use real world evidence and predictive analytics more effectively in the healthcare and pharma sectors – ultimately, this will enable better patient outcomes and will be more vital than ever in the post pandemic era. We are delighted to be able to support the company’s next phase of growth through this investment via a number of our funds and co-investment partners.”
Eddie Harding, Partner at ICON Corporate Finance, who advised RwHealth on the deal, said: “We are delighted to have helped the RwHealth team achieve this latest funding milestone and believe strongly in their mission of providing advanced data solutions and innovative technology to improve human health. As the importance of AI developments in healthcare continues to grow, we look forward to helping RwHealth build on their work with industry partners to increase efficiency and deliver optimised clinical outcomes at pace.”
Orlando Agrippa, CEO of RwHealth, commented on ICON’s role in the funding round, saying: “A big thank you to Eddie and the team at ICON for their support. The raise will support our work with UK and US healthcare partners, helping us to provide deeper clinical care technologies, while supporting post-pandemic recovery efforts with our AI data science platform.”
RwHealth’s ability to anticipate patient flow in hospitals proved invaluable over last twelve months. Its platform helped many of the UK’s hospitals anticipate demand and help combat bed shortages as well as tackle waiting list issues which have worsened during the pandemic.
RwHealth works with more 70 providers in the UK and internationally, its AI technology having processed more than 10 million patients in the UK and a further 5.5 million across the Middle East and Australia.
The transaction further highlights ICON’s global track record in AI, Data Analytics and HealthTech. Recent deals completed by ICON in these areas include the sale of Optimum Contact to IQVIA, the Strategic investment by Moody’s into ClimateTech Data flood provider Fathom, the funding of Mosaic Smart Data co-led by CommerzVentures, Octopus Ventures & JP Morgan, and the sale of Clinical Computing to Quantitative Medical Systems.