Wanda Health, a Bristol, UK-based provider of a platform for remote patient monitoring and virtual care, raised £1M in funding.
The round was led by EMV Capital Partners Limited. Following completion of the fundraising, the Group’s total fully diluted equity holding in Wanda Health is 21.9%, which equates to a post-investment fair value of £1.35m. This represents a c.21.5x increase on the Group’s investment of £62k (paid for by in-kind services) earlier in May 2024. The Group has also entered into an unsecured convertible loan agreement with Wanda Health for £50k by means of exchanging receivables for that value from its in-kind services. The terms of the CLA include interest accruing at 10 per cent. per annum, a two year maturity date with the Group having the ability to convert some or all of the loan into further equity in Wanda Health at a 20 per cent. discount to its next fundraising round.
The company intends to use the funds to:
- Enhance its AI capabilities by developing disease specific AI algorithms for readmission risk.
- Expand its market presence in US markets by targeting ‘Fee for Service’ and ‘Value Based Care’ models.
- Develop solutions for its partner network in order to improve new revenue streams across market segments.
- Advance regulatory pathways toward FDA clearance for outpatient-based adjunctive predictive cardiovascular risk indicator.
A spinout from UCLA, Wanda Health provides a remote patient monitoring and virtual care platform operating in the UK and US. Delivered as a Software-as-a-Service (SaaS) solution, it is cloud-hosted with proprietary machine learning (ML) and artificial intelligence (AI) capabilities. The company empowers healthcare providers and payers by enabling early detection of health exacerbations across acute, chronic, and specialty disease spaces, improving patient outcomes and reducing costs.
Wanda Health recently announced a partnership with COPD Foundation providing it with access to clinical experts, clinical guideline content, as well as joint marketing and advertising opportunities. This collaboration enhances Wanda Health’s ability to refine its disease monitoring platform, particularly for conditions like COPD, which affects over 400 million people globally.
FinSMEs
09/12/2024