With its equity crowdfunding campaign set to close on Crowdcube this weekend, TechStars alum and medical software designer, drfocused, has successfully achieved its initial £300,000 funding target thanks to 350 investors. As previously reported, drfocused has designed a software to help doctors complete their work faster than present alternatives. The company revealed:
“We are building the Doctors’ Digital Back Office. Our first product is cloud-based HR SaaS for medical admin/rostering. It allows doctors and hospitals to complete admin paperwork, communicate securely, and organise clinical work from a phone/tablet. We provide insights to clinical managers using predictive data analytics to improve patient safety and clinical efficiency.”
The company’s nearly 1,000 member community has helped to test, prototype and build the software. It was selected as one of the 11 teams for the 2016 Techstars London accelerator program. It has also completed and launched its app with users from nearly 75 hospitals and was showcased at WIRED Health.
“After demonstrating our development and user acquisition capability with our app, we have been asked by several organisations, such as Health Education England and the Whittington Hospital, to work with them to develop further systems.”
Funds from the Crowdcube campaign will go towards the development of a market-ready e-rostering product and drive hospital sales. Prior to crowdfunding round, drfocused received a $120,000 investment from TechStars and a UCL Bright Ideas Award loan of £10,000. The company added:
“Drfocused is expecting an exit opportunity through acquisition from 2021 onwards. Industry leaders, such as Google DeepMind and IBM have demonstrated a track record of acquiring startups in enterprise healthcare software – with DeepMind acquiring Hark for an undisclosed sum in 2016 and IBM acquiring Healthcare Analytics platform Explorys and Healthcare Management platform Phytel in 2015 for undisclosed sums.”
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