Welsh ICE member, Signum Health has secured a further £400,000 in an equity co-investment led by the Development Bank of Wales, with further investment obtained from private investors.
This is the second round of investment the company has raised and brings the total funding for the digital startup to £600,000.
Signum Health has also appointed the former CEO of Imperial College NHS Trust and founder of the first Academic Health Science Centre in the UK, Professor Stephen Smith FMedSci, as its Chairman.
Professor Smith has served on numerous committees for organisations such as the United Kingdom’s Medical Research Council, the World Health Organization, the National Institutes of Health (USA), the National Health Service (NHS), the British Heart Foundation and the Wellcome Trust.
Signum Health’s CEO Victoria Norman said:
“This latest round of investment will help us to take Signum Health to the next stage of its development. We are already helping GPs surgeries around the UK and we can’t wait to see Signum Health used in every surgery in the country.
“Having someone with the experience of Professor Smith coming on board as our Chairman is further validation that Signum Health is innovating in this field and is a much-needed service for the NHS. We are thrilled to welcome him as part of the Signum Health team.”
Dr Philip Barnes, Technology Ventures Investment Executive of Development Bank Wales, said: “
“Signum Health has a highly talented management team with exciting plans for scaling their innovative digital health business across multiple sectors. We’re pleased to continue backing this high-growth company in their second equity funding round.”
Launched in 2016, with the help of the ICE 5-9 Club, Signum Health uses artificial intelligence and cloud-based technology to deliver remote health care and support within local communities. The company is headed up by Primary Care and Public Health expert Victoria Norman, who has first-hand experience of the challenges facing GP surgeries trying to meet the needs of their patients whilst facing reduced funding and declining numbers of GPs.
With a ‘more than medicine’ approach to the changing world of health and social care, Signum Health has developed a cloud-based diagnostic and community referral tool which integrates securely with health and social care IT systems.
Signum Health’s core company goal is to enable patients, healthcare providers such as pharmacies, GPs and other alternative services, to work more efficiently in sharing health information in a way that benefits everyone.
Victoria Norman explained:
“With a shortfall in the number of General Practitioners, an aging population and increasing financial constraints, Health and Social Care organisations are under severe pressure.
“We have identified that the sector would benefit from digital technology to create efficiencies, financial savings and ultimately better care for patients. Signum Health provides this exact support through its digital services, alongside and integrated with traditional services, so people can take control of their own health, access care quickly and effectively, whilst allowing the healthcare workforce to be used in a more prudent way.”
Research has found that more than 20% of patients who have an appointment to see their GP actually need help from one or more of the hundreds of local community services, but primary care services have to find the right service for that patient. Signum Health’s Social Prescribing Platform enables GPs and other healthcare professionals to refer patients to non-clinical services across the public, private and third sector.
In addition, Signum Health’s diagnostic platform helps GPs with remote assessment, triage and diagnosis of a wide range of symptoms, including Teledermatology. This service has allowed hundreds of patients with skin conditions to be assessed and diagnosed by Consultant Dermatologists within two days of receiving the referral from a GP. This saves the NHS money and provides reassurance and convenience for patients. Signum Health employs seven people at its base in Caerphilly and is looking forward to expanding its team in the future.