OIC portfolio company Oxehealth Ltd secures £10m to fund commercial expansion
OIC portfolio company Oxehealth has secured financial commitments totalling £10m, which will be delivered in two rounds across 2021 and 2022.
The two rounds have been underwritten by existing shareholders, which included a commitment from the Oxford Technology & Innovations EIS Fund (OTIF) advised by OIC.
Using low-cost digital video camera sensors, Oxehealth has developed Oxevision, a software platform for monitoring clinical parameters of patients using cameras and proprietary software algorithms. Incorporating machine learning capabilities, the Software-as-a-Service (SaaS) platform measures patient breathing and heart rate and monitors behaviour totally contact-free.
The Oxevision platform enables staff to take vital sign spot checks without entering the patients’ room and to be alerted to potentially risky activities in the room. This enables staff in often over-stretched hospital wards, care homes and prisons to deliver safer, higher quality and more efficient care. Oxevision’s Vital Signs module was cleared as a European Medical device in 2018 and the Oxevision platform as a whole is experiencing strong traction in UK Mental Health Trusts.
Oxehealth Chief Executive Hugh Lloyd-Jukes said, “Oxehealth more than doubled annual recurring revenue in 2020. We are helping clinicians to deliver safer, higher quality and more efficient care in sectors which will be critical to societies’ recovery from COVID-19: mental health, ageing and step-down care. I’m delighted that this commitment gives us the funds we require to grow the business in support of clinicians in Europe and beyond over the next 2-3 years.”
Chair of the Board, James Ede-Golightly commented, “We are very pleased to have the support of our shareholders to accelerate the roll out of Oxevision into our existing markets and into new care settings around the world.”
A link to the formal press release can be found here.