Current Health Secures $11.5M Series A Funding to Expand Its AI-Powered Patient Management Platform and Global Care Services

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on December 10, 2019, Current Health, a U.S.-based provider of patient management platforms, announced the completion of an $11.5 million Series A financing round. The round was led by MMC Ventures, with co-leads including FTSE 100 life insurer Legal & General, asset manager Par Equity, and Scottish Investment Bank, the investment arm of Scottish Enterprise.

Current Health provides healthcare institutions with an FDA-approved, AI-driven patient management platform. This round of financing will be used to scale Current Health’s existing patient management platform, aiming to serve 1 million patients globally with its disease prevention platform by 2021.

Current Health was founded in Scotland in 2015 by its CEO, Christopher McCann, and CTO, Stewart Whiting. Leveraging wearable devices for wireless vital signs monitoring, clinical metrics, and patient engagement tools, Current Health integrates symptoms associated with more than 50 conditions to continuously track patients’ health status. The company’s end-to-end platform employs proprietary machine learning algorithms to analyze monitoring data, proactively detect disease onset, and alert high-risk patients, enabling them to receive treatment earlier.

Currently, the 13 largest healthcare systems in the United States and the United Kingdom—including Mount Sinai and Dartford and Gravesham NHS Trust—are leveraging the Current Health platform to manage patient care operations. Through this existing health platform, patients can experience reduced hospital stays, lower hospitalization rates, improved satisfaction, and better clinical outcomes.

Current Health has secured three FDA 510(k) clearances for its platform and demonstrated the value of its solutions within some of the world’s most demanding and prestigious healthcare systems. Over the past 12 months, Current Health has achieved significant milestones: revenue growth exceeding 300%; partnerships with two of the largest pharmaceutical companies globally to extend the reach of the Current Health platform to tens of thousands of patients; a more than doubling of its workforce; and the addition of key executives to its leadership team, including Chief Operating Officer Richard Lennox and Vice President of Sales Sean Ginney, to guide the company’s growth.

As the healthcare industry enters its next phase of development, Current Health will establish its headquarters in New York. The company will continue to expand its team, particularly in sales, clinical operations, and marketing.

Bruce Macfarlane, Managing Partner at MMC Ventures, stated: “Healthcare is undergoing a paradigm shift, moving from passive inpatient hospital care to proactive community-based care. Today’s healthcare systems must reduce costs while simultaneously improving patient outcomes. Current Health’s revolutionary solution provides unprecedented insights into patient health. Reliable, continuous patient monitoring enables early intervention when a patient’s condition deteriorates, thereby enhancing the patient experience and reducing unnecessary readmissions. With its world-class team and platform, Current Health has a strong foundational basis for execution and is well-positioned to seize significant opportunities and become a global leader in this critical market.”

Christopher McCann, CEO of MMC Ventures, stated, “Over the past three years, we have been quietly and meticulously building and testing our platform in collaboration with healthcare providers. Now, we have an FDA-cleared platform. By partnering with world-class healthcare providers and pharmaceutical companies, we plan to continuously expand our solutions over the next five years to better treat diseases affecting millions of people. By enabling healthcare providers to deliver preventive treatments to patients at the earliest stages, we can play a pivotal role in achieving sustainable, high-quality universal healthcare.”

MMC Ventures, founded in 2000 and headquartered in London, UK, is a research-driven venture capital firm. Since its inception, MMC Ventures has invested in more than 60 early-stage, high-growth technology companies.

(Compiled by Wang Fang)