Medixine Raises €2.9M Funding to Help Healthcare Providers Offer Comprehensive Remote Care Services
The Finland-based telehealth provider Medixine has raised €2.9 million in funding led by a crowdfunding campaign organized by Springvest. The company will use the capital to increase its international presence, especially in the UK and Central Europe, and develop new products within the Medixine Suite, the all-in-one telehealth solution for communication and remote care needs of healthcare providers.
Earlier investors include the Finnish Innovation Fund Sitra and Vendep Capital.
The Medixine Suite is a comprehensive platform of communication, monitoring and collaboration tools for all parties involved in the care process of patients. It enables video appointments, a secure chat function, secure messaging, health questionnaires, as well as time-saving remote health monitoring and automated screening with any illness or condition at any stage.
The COVID-19 pandemic has dramatically increased the need for remote healthcare solutions as healthcare service providers have been forced to adopt new, modern solutions at an accelerated pace. Remote care has made it possible to safeguard patients and staff from being exposed to the virus, while continuing to provide high-quality care.
Furthermore, aging populations and increasing chronic illnesses requiring long-term care are a continuous challenge for the limited resources of both private and public healthcare systems. According to the UK’s Office for National Statistics, the population segment aged 65 years and older is growing faster than any other age group. It is predicted that 25 % of people in the UK will be 65 years old or older by 2050.
“At the same time, there is a strong global trend for more individual, preventative healthcare in almost all age groups. Healthcare centers and hospitals are faced with more and more patients who have high expectations for their healthcare. COVID-19 has further accelerated the need for telehealth solutions, however, the Medixine Suite’s great strength is that it can be used to care for and monitor patients with any illness or condition,” says Lasse Rousi, CEO of Medixine.
Sitra’s Senior Lead (Venture Capital and Risk Management) Pauli Marttila sees the importance of Medixine’s mission:
“Medixine’s business is growing due to quickly advancing digitalization of healthcare. In the future, an increasingly significant amount of public funds will continue to go towards healthcare. Making sure that healthcare runs smoothly and efficiently will benefit all of us.”
The functions of the platform help healthcare professionals prioritize resources for patients that need urgent care. Up-to-date information from remote patient monitoring allows healthcare providers to, e.g., decrease unnecessary doctor’s appointments and shorten a patient’s stay at the hospital.
With secure remote monitoring and video appointments, patients can conveniently have healthcare appointments from the comfort of their home, which is particularly important physically and mentally for the elderly, people with mobility issues, and recently discharged patients.
“Instead of trying to cover all issues in a single solution, Medixine’s product is a platform that can be used to build services for most telehealth needs. As an investment, Medixine is a chance for us to take part in the change of healthcare in Europe. It would be great if Medixine’s platform were used to build easy telehealth solutions that shorten treatment queues and speed up access to care,” says Sakari Pihlava, General Partner at Vendep Capital.
Today, the Medixine Suite covers 2.5 million patients, with customers in the United Kingdom, Spain, Portugal, Finland and Denmark. Medixine’s customers include Nestlé Health Science, a leader in the field of nutritional science, the UK’s National Health Service (NHS), the Finnish Student Healthcare Service (FSHS), Linde, a leading global industrial gases and engineering company, and the northern and southern hospital areas of Denmark.
“Medixine has helped us to provide comprehensive remote care for families with dementia. Their platform is very intuitive and easy to use”, says Louise Rogerson, COO and Founder at Howz, a company supporting the NHS with a monitoring service that aims to keep dementia patients safe during the pandemic.
Founder of Medixine and Chair of the Board, Dr. Tapio Jokinen gives an insight of the company’s background:
“Medixine has a strong background in connected care through its first fifteen years as a consultancy company. By providing large scale and up to national scale bespoke solutions in several countries, including the UK, France and, Finland, our team learned invaluable lessons with hundreds of thousands of users.”