Intelligent Healthcare Company Rinicare Announces Completion of Financing
MANCHESTER, England, Aug. 15, 2018 /PRNewswire/ -- Rinicare Limited, a leading intelligent healthcare company, has announced the completion of its financing round by welcoming new investors, Catapult Ventures and NPIF - Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
The funding will be used to support the commercialisation of Rinicare's digital healthcare portfolio, which is designed to provide solutions that improve outcomes and reduce costs in a number of settings, such as emergency, primary and community care, as well as progress its AI-powered predictive algorithm for intensive care.
Healthcare providers around the world face the challenge of maintaining sustainable healthcare systems in light of an ageing population and continuously increasing costs. Rinicare's approach to addressing these challenges is based on a collaborative effort with clinicians and end users to design advanced wireless communications, innovative prediction algorithms and enhanced software technology solutions that demonstrably improve outcomes and reduce healthcare costs.
The company markets its wireless physiological signs technology (PRIME) and its falls prevention system (SAFE) globally in a number of healthcare solutions, which are tailored to individual needs.
In addition to its expanding marketed solutions, Rinicare is developing its AI predictive system, Stability, which is initially focused on intensive care and addresses a global market for predictive healthcare analytics. This fast emerging area of healthcare is estimated to grow at a compound annual growth rate of over 25%, reaching an estimated global market value of $24.6 billion by 2022.
Stuart Hendry, CEO of Rinicare, commented: "We are very pleased to welcome such high-quality investors in this financing round. We will be using proceeds to support the ongoing commercialisation of our PRIME and SAFE-based healthcare solutions in the UK and abroad, as well as continuing with the development of the world-leading Stability AI intensive care programme that has already captured data from several thousand intensive care patients."
Dr. Vijay Barathan, Life Science Partner at Catapult Ventures, said: "We are excited to work with Rinicare as they commercialise their intelligent health product portfolio in the UK and international healthcare markets. Each product represents an innovative solution and significant market opportunity."
Dr Mark Wyatt, Investment Director at Mercia, said: "I am looking forward to working with the Rinicare team and I am excited to see their technologies drive efficiency gains and patient benefits into the healthcare system."
Sue Barnard, Senior Relationship Manager at British Business Bank, said: "The healthcare market is evolving rapidly, and is expected to grow significantly over the next few years. The North is home to many innovative businesses in this space, such as Rinicare, and NPIF is pleased to support those looking to enter the next phase of growth."
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
ENDS
For further information, please contact:
Dr Stuart Hendry, Chief Executive Officer - 01524 840450
About Rinicare
Rinicare Ltd is a leading intelligent healthcare company (based in the UK) that develops and markets state-of-the art healthcare products based on its proprietary wireless communications, predictive algorithms, artificial intelligence (AI), computer vision, IoT and big data to drive improved patient outcomes at reduced cost to address the growing pressures on healthcare systems worldwide. Rinicare's products can be used in a wide range of medical applications and configures its solutions to meet the needs of each particular healthcare scenario supported by health economic evidence.
Rinicare is headquartered in Alderley Park, Manchester, UK and has R&D capabilities in Lancaster, UK and Ramada, Portugal. The company has a number of existing distributors globally and is actively seeking new partnerships.
For additional information, please visit www.rinicare.com
About Mercia Fund Managers
Mercia Fund Managers provides both equity and debt finance to small businesses based in the UK regions. The group has more than 400 businesses in its portfolio, a strong record including 11 IPOs, and manages circa £400.0 million of third-party funds, including Mercia EIS Funds.
-- Mercia Fund Management Limited is authorised and regulated by the FCA
under firm reference number 524856
-- Enterprise Ventures Limited is authorised and regulated by the FCA under
firm reference number 183363
-- EV Business Loans Limited is authorised and regulated by the FCA under
firm reference number 443560
For more information, please contact:
Jen Lau
Marketing & PR Executive
Mercia Fund Managers
+44 (0) 330 223 1430
+44 (0) 794 093 8488
jen.lau@merciatech.co.uk
About The Northern Powerhouse Investment Fund
-- The Northern Powerhouse Investment Fund will invest in Microfinance,
Business Loans and Equity Finance sub-funds which will offer financing
ranging from £25,000 to £2m, specifically to help small and
medium-sized businesses secure the funding they need for growth and
development.
-- The Northern Powerhouse Investment Fund is operated by British Business
Financial Services Limited, wholly owned by British Business Bank, the
UK's national economic development bank. Established in November 2014,
its mission is to make finance markets for smaller businesses work more
effectively, enabling those businesses to prosper, grow and build UK
economic activity.
-- The Northern Powerhouse Investment Fund is supported by the European
Regional Development Fund, the European Investment Bank, the Department
for Business, Energy and Industrial Strategy and British Business
Finance Limited, a British Business Bank group company.
-- The NPIF covers the following LEP areas: Tees Valley Combined Authority,
Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City
Region, Lancashire, Humber, Leeds City Region, Sheffield City Region,
York, North Yorkshire and East Riding.
-- The project is receiving up to £140,359,192 of funding from the England
European Regional Development Fund as part of the European Structural
and Investment Funds Growth Programme 2014-2020. The Department for
Communities and Local Government is the Managing Authority for European
Regional Development Fund. Established by the European Union, the
European Regional Development Fund helps local areas stimulate their
economic development by investing in projects which will support
innovation, businesses, create jobs and local community regenerations.
For more information visit https://www.gov.uk/european-growth-funding.
-- The funds in which Northern Powerhouse Investment Fund invests are open
to businesses with material operations, or planning to open material
operations, in, Yorkshire and the Humber, the North West and Tees
Valley.
-- The British Business Bank has published the Business Finance Guide (in
partnership with the ICAEW, and a further 21 business and finance
organisations). The guide, which impartially sets out the range finance
options available to businesses and provides links to support available
at a regional level, is available at
www.thebusinessfinanceguide.co.uk/bbb
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SOURCE Rinicare Limited
