PhysioMedics is poised to scale its commercial operations after securing growth capital from investors led by Archangels, the world’s longest continually operated business angel syndicate. The investment follows the appointment last year of experienced CEO, Charles Sweeney, to lead the company through the next stage of its growth.
Edinburgh-based PhysioMedics secured equity and grant funding totalling £1.5m from Archangels, Scottish Enterprise and Innovate UK to allow it to accelerate its commercial growth and product roadmap, including expanding into European and Indian markets.
The company’s PhysioWizard platform is the only clinically validated self-assessment tool for muscle and joint problems that patients can complete online, without requiring a clinician. PhysioWizard accurately matches patients with the recommended treatment (triage), and the platform provides patient-led self-care and advice, enabling users to actively participate in their treatment and achieve better results. With 6 in 10 home workers reporting muscle and joint issues, the demand for quick instant access to care has increased significantly with COVID, driven by the move to hybrid working.
Charles Sweeney has more than 20 years’ experience of leading companies in a range of sectors. He has a long association with Archangels, who continue to support PhysioMedics. Charles is currently non-executive chairman of another Archangels portfolio company, Hearing Diagnostics, and a board member of the Glasgow-based Digital Health and Care Innovation Centre.
PhysioMedics was founded by Kirsten Lord in 2010, a Chartered Physiotherapist with over 30 years’ experience of treating thousands of patients, working with a team of specialist physiotherapists.
Charles Sweeney said: “The further investment secured from Archangels and Scottish Enterprise comes at an important stage of our journey, as we move from product development and early commercialisation, into a more focused phase of commercial growth. The Innovate UK grant will also allow us to accelerate the pace of our product roadmap which will revolutionise how musculoskeletal triage is delivered to customers.”
David Ovens, Joint MD of Archangels, said: “In a post-pandemic world, web-based clinical triage is becoming an increasingly an important part of how healthcare is delivered in the UK and globally, providing a vital service and reducing the burden on healthcare teams. I have no doubt that the clinical depth of the PhysioWizard product, which has been developed over many years, will ensure that it becomes 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 to meet that market demand with its PhysioWizard product. We’ve supported the company in various ways since its early days and are pleased to see it continue to scale up and expand internationally.”