RwHealth, which provides AI solutions to NHS trusts appoints finnCap to facilitate listing.
RwHealth, the leading provider of AI solutions to the NHS, has appointed capital raising firm finnCap to facilitate a public listing and accelerate the firm’s ambitious expansion plans.
The move follows significant sales success as the business grew by a staggering 160% year-on-year after its technology was increasingly embraced by NHS trusts to combat long waiting lists and the perpetual risk of bed shortages post-Covid.
RwHealth, formerly called Draper & Dash, has also grown a significant series of partnerships with a host of major pharmaceutical companies, resulting in them attracting 10 new customers over the past year. Meanwhile, the team’s headcount rose from 30 to 42.
Customers also use RwHealth’s technology, in conjunction with clinicians, to diagnose and support patients who might be suitable for clinical trials aimed at treating rare diseases, such as sickle cell anemia.
The wider growth of AI in healthcare is a huge macro trend as stakeholders across the health ecosystem try to find new ways to save money and deliver optimised clinical outcomes at speed.
This comes as NHSX, which is responsible for developing best practice for NHS technology, invested £250m peak Covid to lead the world in healthcare AI.
Orlando Agrippa, CEO and Founder of RwHealth, said: “We’ve grown at an extraordinary rate, and this is because it’s clear to see how AI can effectively assess the burden of illness and patient level outcomes, while helping to ease the pressures that NHS trusts currently face. It’s important, now more than ever, to tackle backlogs and bed capacity issues so that healthcare remains safe, steady and consistent as we all attempt to recover post-Covid.
“To that end, we’re delighted to continue upon our growth trajectory and reach our goal of launching on the London Stock Exchange with the appointment of finnCap, whose pedigree means that they’re true experts at what they do.”
RwHealth combines data science, technology and predictive analytics to deliver insights driven solutions that improve human health. Through years of AI, ML and data science experience, the business ensures that its healthcare and life sciences partners meet demands for high quality, safe and effective care.
RwHealth’s advanced Data Science Platform develops real-time and predictive insights that can solve the biggest challenges in healthcare and life sciences today, such as patient flow and recovery. By interrogating insights captured both retrospectively, and in real-time, RwHealth creates a complete picture across healthcare and life sciences. This assists its partners in optimising care delivery, all while driving innovation and discovery.
In addition, RwHealth’s products accurately assess future markets and product positioning, while fuelling the movement from reactive to predictive and preventative medicine.
RwHealth board member & COO, Richard Parker, added: “We’re proud that our AI platform is having a positive effect on patients, particularly in light of the ongoing health crisis and the impact it has had on our NHS and at an international level. With finnCap’s backing, we’ll be able to continue on our journey, by further developing and honing technology which can help to save lives.”
RwHealth works with over 70 providers in the UK and internationally, its AI technology processing more than 10m patients in the UK and a further 5.5m across the Middle East and Australia.
RwHealth client Andrew McLaren said: “RwHealth’s platform enables us to see and solve bottlenecks before they become a problem, everything we do in cancer treatment is an exercise in saving time. Faster treatment leads to better outcomes, so every moment the solution helps us save – no matter how small – has tangible impact.”
RwHealth is headquartered in London’s Canary Wharf and was founded in 2017.
