By Scott Wright
AN Edinburgh-based company that has developed a self-assessment platform for muscle and joint problems has secured £1.5 million of investment to drive its growth ambitions.
PhysioMedics declared that it will scale up its commercial operations after receiving the mix of growth capital and grant funding, which was led by business angel syndicate Archangels. Scottish Enterprise and Innovate UK have also provided funding, which the firm said would help accelerate its product roadmap and its expansion into Europe and India.
The investment follows the appointment of Charles Sweeney as chief executive last year.
PhysioMedics was founded in 2010 by Kirsten Lord, a chartered physiotherapist with more than 30 years’ experience. The company’s PhysioWizard platform is described as the only clinically validated self-assessment tool for muscle and joint problems that patients can complete online, without requiring a clinician. The platform matches patients with the recommended treatment, and provides patient-led self-care and advice.
Mr Sweeney said: “The further investment secured from Archangels and Scottish Enterprise comes at an important stage of our journey, as we move from product development and early commercialisation into a more focused phase of commercial growth. The Innovate UK grant will also allow us to accelerate the pace of our product roadmap which will revolutionise how musculoskeletal triage is delivered to customers.”
David Ovens, joint managing director of Archangels, said: “In a post-pandemic world, web-based clinical triage is becoming an increasingly important part of how healthcare is delivered in the UK and globally, providing a vital service and reducing the burden on healthcare teams.”
Kerry Sharp of Scottish Enterprise said: “We’ve supported the company in various ways since its early days and are pleased to see it continue to scale up and expand internationally.”
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