UK-based health technology developer Medopad has secured $28m in series A funding from investors including infrastructure and services conglomerate NWS Holdings.
A range of unnamed family offices and institutional investors also contributed capital for what was the first close of the round. Medopad is targeting a final close of $120m and aims to raise the remaining capital over the coming months.
Medopad has developed a platform that enables patients to capture data concerning their health through devices such as smartphones and smart watches, and relay the information to medical professionals in real time.
The software relies on artificial intelligence and machine learning technologies to analyse the data and power predictive analytics tools that can detect life-threatening issues. Medopad’s clients include universities, hospitals, insurance providers and pharmaceutical firms.
Stuart Fletcher, former chief executive of healthcare company Bupa, and Simon MacKinnon, chairman of hospital operator Sinophi Healthcare, have joined the company’s board as as non-executive directors.
Dan Vahdat, CEO of Medopad, commented: “We now have several amazing strategic investors in the business, which is a great achievement for us as we gear for significant growth and scale our business.
“Managing population health is one of the greatest challenges for governments across the world. As such, the investment appetite for solutions that address and manage this concern is substantial. We are proud to be at the forefront of solving this problem and supporting people around the world.
“We will be opening a number of offices across the world and hiring the most talented people as we grow our regional partnerships.”