Scottish medical technology company Current Health is set to more than double its headcount after successfully closing a second round of funding to raise $43 million (£31m) to further ramp up sales of its platform for remote delivery of healthcare in the home. 

Half of the 100 new jobs to be created by the end of this year will be based at the company’s headquarters in Edinburgh, with most of the remainder in its main market in the United States. Some of the new money is also earmarked for development of a third generation of its monitoring device, which is worn on the arm and collects data on a variety of vital signs. 

The money has been raised from several US-based healthcare and pharmaceutical venture capital firms, as well as one of the country’s leading hospital systems. Existing investors Par Equity, the Edinburgh angel syndicate that provided Current Health with its first cash injection of £2.5m in 2016, has also followed on its initial investment.

HeraldScotland:

The business was founded in 2015 by chief executive Chris McCann and chief technology officer Stewart Whiting to provide a “mission control” for all healthcare delivery outside of the hospital. Along with the remote monitor, patients can also enter information about any symptoms they are experiencing through an app. 

This can be integrated with other existing remote monitoring devices and in-home healthcare services such as blood tests, medical equipment and meal delivery to provide a single overview to identify and predict the onset and progression of disease. This is backed up by a 24-hour “command centre” led by physicians. 

The funding round was led by Northpond Ventures, with additional financing from LRVHealth, OSF HealthCare, Section 32, Elements Health Ventures, and existing investors. Andrea Jackson, director at Northpond Ventures, and Tripp Peake, general partner at LRVHealth, will join Current Health’s board of directors.

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“In the next 5 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,” Mr McCann said. “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. Our Series B financing, from the top investors in both healthcare and pharma, will enable us to rapidly grow on a global scale and meet the demand for an integrated, enterprise approach.”