One year on from raising £330,000 on the SyndicateRoom platform, members helped raise a further £308,140 to see Time for Medicine through to an institutional round in Q1 2016.
Time for Medicine uses web and cloud technology to bring specialist medical diagnoses and treatments to patients at home, in pharmacies and in their GP’s surgeries. Its telehealth solution allows patients to interact remotely with a specialist, speeding up diagnosis and freeing up appointments with GPs, thereby reducing overall waiting times for those who need them.
The company is headed by Clive Minihan, Finance Director and Joint Managing Director. Clive has worked with growth companies in the UK and USA for the last twenty years, and previously held senior positions in the Burton Group and BP. Over the last 15 years, five companies in which Clive Minihan has been involved have exited for combined proceeds of over £165m.
The lead investor in this round was Sam Gray, who has extensive experience of investing in this sector as a Partner and member of the management board at Apposite Capital – a healthcare VC with investments in life sciences, medical devices and healthcare services.
Where are they now?
Time for Medicine has recruited the support of over 60 clinical consultants in 20 specialties to assist with developing the software – the vast majority of whom are now investors.
The University Hospital of Wales has already deployed Time for Medicine’s Allergy module, allowing patients to enter their detailed allergy histories from home and, where appropriate, have blood tests prior to attending outpatient appointments. Deployment of the Dermatology and Sexual Health components is anticipated in the near future.
In the Midlands, Time for Medicine has reached an agreement with a NHS trust to commence piloting the company’s Teledermatology platform, allowing patients to enter details of their skin condition, including images, from home. This service currently treats 40,000 patients a year.
Lastly, a community healthcare provider in Essex has launched Time for Medicine’s online sexual health triage service, enabling people to use their mobile phones, tablets or laptops to assess their sexual risk profile and symptoms. This was done in partnership with the Provide community NHS service.