Scottish medtech firm Current Health has secured $43 million (£31m) in funding as part of a Series B funding round.
The investment, led by Northpond Ventures with additional financing from LRVHealth, OSF Healthcare and existing investors, comes amid an exciting period of growth for the firm.
Edinburgh-founded Current Health recently reported 3000% year-on-year revenue, making them one of the fastest-growing healthcare companies.
This latest funding round also marks the third sizable fundraiser for the medtech firm in as many years.
In December 2019, Current raised $11.5 million in a Series A round led by MMC Ventures while a 2018 round spearheaded by ADV saw the company raise $8 million.
Current said the latest investment will enable it to expand “on a global scale” and meet growing demand.
Commenting on the funding round, CEO and Co-founder Chris McCann said: “In the next five years, we’ll see a majority of healthcare services delivered in a patient’s home, with the hospital reserved for intensive care, trauma, and surgery.
“To make this shift, healthcare providers must move away from point solutions and develop system-wide strategies to deliver care at home.
“We’ve built Current Health to serve as the ‘mission control’ for organizations to transition healthcare from the hospital to the home and meet patients where they are.”
Founded in 2015 by Chris McCann and Stewart Whiting, who serves as CTO, Current Health’s platform is used by a host of world-leading healthcare organisations, including Mount Sinai Health System, Geisinger Health and the National Health Service.
The firm’s tech is used to monitor and manage patient care at home and is also used by major pharmaceutical companies, such as AstraZeneca, to move delivery of complex therapy into the home and support home-based drug trials.
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Andrea Jackson, Director at Northpond Ventures, will join Current Health’s board of director alongside Tripp Peake, General Partner at LRVHealth.
Commenting on the funding, Jackson said: “It’s rare to see a company successfully execute across both healthcare delivery and drug delivery – this is what makes Current Health so special.
“As healthcare moves into the home, pharmaceutical companies are developing new models that go beyond the pill and enable greater delivery at home with fewer side effects at lower cost.
“Current Health’s proven track record of delivering across both pharma and health systems makes them the perfect company to bridge this gap.”