MANCHESTER, England, Aug. 15, 2018 /PRNewswire/ -- Rinicare Limited, a leading intelligent healthcare company, has
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.
For further information, please contact:
Dr Stuart Hendry, Chief Executive Officer - 01524 840450
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.
For more information, please contact:
Jen LauMarketing & PR ExecutiveMercia Fund Managers+44 (0) 330 223 1430+44 (0) 794 093 email@example.com
About The Northern Powerhouse Investment Fund
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SOURCE Rinicare Limited
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