Physiomedicals is ready to scale back its business operations after securing growth capital from
investors led by Archangels, the longest-running business angel syndicate in the world. The
the investment follows last year’s appointment of seasoned CEO, Charles Sweeney, to lead the
company through the next stage of its growth.
PhysioMedics, based in Edinburgh, has secured equity and funding of grants totaling £ 1.5 million from Archangels,
Scottish Enterprise and Innovate UK to enable it to accelerate business and product growth
roadmap, including expansion into European and Indian markets.
The company’s PhysioWizard platform is the only clinically validated self-assessment tool for muscles
and joint problems that patients can complete online, without seeking a doctor. Physiomago
accurately matches patients to recommended treatment (triage) and the platform provides
patient-led care and counseling, enabling users to actively participate in treatment and achieve results
better results. With 6 out of 10 domestic workers reporting muscle and joint problems, the demand for work is fast
instant access to care has increased significantly with COVID, driven by the shift to hybrid work.
Charles Sweeney has over 20 years of experience in leading companies across a range of industries. He
has a long association with the Archangels, who continue to support PhysioMedics. Carlo is currently
non-executive chairman of another Archangels portfolio company, Hearing Diagnostics, and a board
member of the Digital Health and Care Innovation Center based in Glasgow.
PhysioMedics was founded by Kirsten Lord in 2010, a graduate physiotherapist with over 30 years
experience in treating thousands of patients, working with a team of specialized physiotherapists.
Charles Sweeney said: “The further investment secured by Archangels and Scottish Enterprise
comes at an important stage in our journey, as we move from product development to start
commercialization, in a more targeted phase of commercial growth. The Innovate UK grant will also allow us to accelerate the pace of our product roadmap, which will revolutionize the way we
musculoskeletal triage is delivered to clients.
David Ovens, Joint MD 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 around the world, providing a vital service and reducing the burden on health care teams. I have no doubt that the clinical depth of the PhysioWizard product, which has been developed over many years, will make it the leading digital triage solution not only in the UK but globally. “
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “Since the
pandemic, more and more people are turning to digital healthcare solutions and PhysioMedics is helping meet market demand with its PhysioWizard product. We have supported the company in various ways since its early days and are delighted to see it continues to grow and expand internationally. “
For more information on PhysioMedics and the PhysioWizard platform, please visit:
Issued by Frame on behalf of Archangels.
For more information, contact Paddy Baxter:
07387 090 070
PhysioWizard is an online platform and mobile application that allows people to evaluate their muscles
& joint problems online. The software recommends the most appropriate healthcare professional,
service and / or self-help options and produces detailed clinical and patient reports with advice and
steps on what to do next that patients and doctors can access via portals.
It is used by healthcare professionals and health insurers to reduce the costs and impact of MSK
treatment by directing patients to the correct treatment quickly and safely.
Muscle and joint pain alone is the leading cause of ill health worldwide and a significant one
burden on healthcare resources around the world.
Muscle and joint pain now cause 37% of employee absenteeism compared to 30% in 2021.
increase is attributed to the increase in work from home.
30% of all GP appointments are attributed to muscle and joint pain.
There is a 20% chance that employees will not return to work after a 6 week absence
resulting from muscle and joint conditions.
Muscle and joint pain costs UK employers around £ 7.3 billion in wage costs alone each
Founded in 1992, Archangels is a leading business angel union that invests in early stage Scots
society of life sciences and technology.
Archangels includes approximately 120 members and a team of five full-time executives. In 2021 the
the union invested £ 11.8 million to reach a total of £ 23.6 million, including co-investment by Scottish
Government agencies and other partners. There are currently 21 companies within the portfolio.
For more information on Archangels, please visit: https://archangelsonline.com/
PhysioMedics secures £ 1.5m seed investment from Archangels and Scottish Enterprise – UK Technology Investment News
Source link PhysioMedics secures £ 1.5m seed investment from Archangels and Scottish Enterprise – UK Technology Investment News