Advanced Digital Innovation (ADI), the company behind the digital care & communications app MyPathway, raised £2 million (~$2.6 million) in a funding round.
According to the company, the app supports and monitors patients in musculoskeletal care pathways, chronic pain, and young peoples’ mental health services.
To date, over 55,000 patients have signed up for the app; health systems and hospitals also use the app in Sheffield, the North West, Essex, and Leeds to remotely monitor and support patients who have motor Neurone disease (MND) during the Covid-19 pandemic, the company said.
The funding round was led by NPIF – Mercia Equity Finance, which Mercia manages and is part of the Northern Powerhouse Investment Fund. With new funds in hand, the company plans to develop its app further, which has completed a successful initial trial in Northern Ireland. The company currently employs 15 staff and plans to add another 20 people for its (Yorkshire) team in the next 12 months.
David Strachan and Lucy Holroyd of Schofield Sweeny provided legal advice to ADI on the investment while Adrian Ballam of Ward Hadaway acted for the Fund.
John Eaglesham, CEO of MyPathway, said: “MyPathway has really proved its worth during the lockdown. With routine appointments having to be canceled, it has made it so much easier for hospitals to communicate with patients and keep track of their condition.
“The pandemic has also led to a major shift in mindset as clinicians and GPs recognize there is not always a need to see patients in person and are more open to new technology. Ultimately this will lead to lower costs and, since MyPathway increases feedback from patients, will allow a better evaluation of care pathways and more effective treatment.”
mHealth apps have raised $794 million in the first half of 2020, according to Mercom’s latest funding report. Recently, Kaia Health, a creator of an AI-powered chronic back pain management app, closed a $26 million Series B funding round.
Image Credit: ADI