Glasgow-based health tech startup, Talking Medicines, has secured its first institutional investment as part of a funding round worth £622,000.
Founded in 2013 by Jo Halliday, Scott Crae and Elizabeth Fairley, Talking Medicines’ Medsmart App helps patients better manage their medicines at home. The app ensures medicines are taken at the right time, in the right way and for the correct duration.
The latest funding round, led by SIS Ventures, marks the third successful seed investment for the business and takes the total amount raised by the firm to £1.2 million over the past two years.
The Scottish Investment Bank, the investment arm of Scottish Enterprise, also contributed to the funding round, which will support the company’s ongoing growth plans as well as the technical development of its Medsmart tools and data-mining capabilities.
Chief executive Jo Halliday commented: “This latest investment round demonstrates the growing support around the vision of enriching the experience of patients and understanding how their medicines are being taken.
“The Medsmart App is in the 30,000-50,000 download bracket and the data insights are being accessed by marketing teams from a number of pharmaceutical clients. We have a vision to open up the traditional data model for the pharmaceutical industry and today marks an important milestone in that journey.”
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The investment in Talking Medicines also marks the first equity investment made by SIS Ventures’ Impact First fund, a private investor fund launched in 2018 to support Scotland’s high-impact enterprises.
Thomas Gillan, director of SIS Ventures, said: “We’re delighted to have made our first investment in such a purpose-led, impact-focused business as Talking Medicines. Although still a young company, Talking Medicines has established strong initial traction with consumers, pharmaceutical companies and the investor community.
“Working with Jo and the team, we’re looking forward to supporting them on their journey to becoming the global gold standard for real-world insights on consumer usage of medicines.”
Kerry Sharp, director of SIB, added: “This deal represents an exciting progression in the growth of Talking Medicines. Scottish Enterprise has supported the company throughout its evolution through account management, SMART: SCOTLAND innovation support and Jo’s participation in the Unlocking Ambition challenge.
“We’re delighted to support Talking Medicines’ long-term ambitions to establish a high-growth business with a clear social conscience that will benefit our communities.”