Foresight Group has invested £3 million into the digital healthcare solutions provider, MyWay Digital Health Ltd, to go towards the development of AI-enabled products and to support commercial expansion in the global market.
MyWay Digital Health, a self-management and education support platform, provides a range of solutions covering diabetes, cardiovascular health, weight management and hypertension, with many implemented across the NHS and wider healthcare market. According to Foresight, these tools offer ways to “improve the lives of individuals living with long-term conditions through cost-effective, data-driven, personalised health technology”.
The new funding aims to increase MyWay’s product offering and expand their reach in order to “meet growing global demand for scalable digital health solutions”. This includes the development of AI-enabled products, predictive analytics and personalised care pathways to help “reduce the burden of chronic disease, with a particular emphasis on diabetes”.
“The adoption of digital tools and AI to reduce the burden on frontline care is critical,” Daniel Halliday, managing director at Foresight Group, said. “MWDH is at the forefront of this and its best in class technology is proven to deliver better health outcomes and cost savings for its customers. Foresight is excited to support the team on their next phase of growth.”
Dr Umang Patel, chief clinical information officer for Microsoft, will also join MyWay Digital Health as the non-executive chair, using his “extensive experience from the technology and healthcare sectors” to help support their wider growth strategy. We previously spoke to Umang in a webinar about what good looks like for virtual consultations, where he shared insights into his own clinical perspective around digital technology, patient care and the NHS system.
Health innovation funding: the wider trend
The Department for Science, Innovation & Technology recently announced the launch of the Digital Innovation Fund, a grant designed to support digital inclusion projects and innovative interventions across the UK. The £9.5 million grant will see a share of £7.242 million go to projects within England, with the remaining funds being shared equally between Scotland, Wales and Northern Ireland, helping to “shape the Government’s evolving digital inclusion strategy”.
Bristol-based remote patient monitoring platform, Wanda Health has secured £1.09 million in funding through its latest investment round, aiming to accelerate their growth and commercial performance within the US. Wanda Health plans to “accelerate growth in response to inbound commercial interest” from the US, following their previous efforts in this area where they partnered with the COPD Foundation and the American Heart Association.
NHS Hertfordshire and West Essex ICB awarded a £382,680 contract to the health tech supplier, eConsult Health, for the provision of a digital consultation tool to be used throughout GP practices within the region. By using the online or video consultations tool, the ICB hopes to “meet the digital pathways capabilities that support modernising general practice”.
