A doctor who has created an innovative software program to reduce waiting times in A&E has secured a £153,000 investment from NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and part of the Northern Powerhouse Investment Fund.
Lanre Olaitan’s company, MedCircuit, which is based in Manchester, has developed software that allows patients to check into A&E using an iPad and answer questions about their illness. By reducing the time doctors spend taking notes and providing them with information ahead of assessment, it helps to speed up consultations, allowing patients to move through the system more quickly.
The funding will allow MedCircuit to further develop the software and to run trials across a number of UK hospitals. Advised by NorthInvest, this latest investment follows MedCircuit’s recent success in winning a £50,000 grant from Innovate UK and an £80,000 investment from the Oxford Innovation Opportunity Network.
Jonny Sharp, Investment Manager with Mercia Fund Managers, said:
“As a former A&E doctor, Lanre fully understands the hospital environment and patients’ clinical needs. He spotted the potential to improve efficiency and allow patients to be referred more quickly to the right department. In just a short space of time and with limited resources, he has succeeded in delivering a fully functioning product ready for hospital trials. This funding round will allow Lanre to further develop the software and to demonstrate its effectiveness by piloting it in multiple trial locations.”
Professor Adam Beaumont, NorthInvest founder and CEO, said:
“I’m a big believer in pan-Northern initiatives. The alignment between NorthInvest, Mercia and the Northern Powerhouse Investment Fund is strong and we share the same vision to drive growth from the ground-up, by investing in and building the businesses of tomorrow across the Northern Powerhouse.”
CMS provided legal advice to Mercia on the investment, while William Grace Law in London advised the company.
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.