London, 2nd December: Patients Know Best, the world’s only fully patient-controlled online medical records system, has today raised £3.5m of investment. The round was led by Balderton Capital, one of Europe’s largest technology investors, with support from existing investor Maxfield Capital, a venture fund with a global footprint.
The highly secure online tool enables patients to better organise, manage and control access to their own healthcare records. It also saves the time of physicians and doctors by enabling secure online consultations, remote monitoring and shared care planning.
To date, Patients Know Best has customers in over 60 medical institutions across seven countries, with Germany and Russia as the next markets to go live. The company already has staff in nine countries, and the investment will be used to hire more developers and clinicians to support global roll-out.
Patients Know Best is one of the first social enterprise businesses. As defined by B Corp, these companies treat the interests of employees, communities and environment as equal to those of shareholders.
Balderton Capital’s investment builds on a £1m investment led by Maxfield Capital in November 2014.
Dr Mohammad Al-Ubaydli, founder and CEO of Patients Know Best said:
“We built Patients Know Best to treat patients the way we ourselves wanted to be treated – with the patient in control. What we proved over the last few years is that this is the best way for every patient to be treated. Patient control improves safety, raises quality, cuts costs and makes patients happier. Our customers across hospitals, pharmaceutical companies, local governments, non-profit patient organisations, social care providers and prisons all benefit from putting the patient in control.”
Mark Evans, partner at Balderton Capital said:
“We believe that digital healthcare starts with putting patients in control of the data. After years attempting to manage data from the top down, it is now clear that the only scalable model for sharing data across healthcare providers puts the patients at the centre. Patients Know Best have developed a patient-centric approach that is scalable across both national and international jurisdictions.”
Alexander Lazarev, partner at Maxfield Capital said:
“Maxfield Capital has been working with Patients Know Best for over a year and, in that time, we’ve seen outstanding rates of growth and global traction. The company is now winning contracts against major competitors across the world and, with this investment, we look forward to helping the company achieve its ambitions into the future.”
Notes to editors:
About Patients Know Best
Patients Know Best is the world’s first fully patient-controlled online medical records system and a multi-award winning tool to help patients better manage their care. Patients Know Best is fully secure and enables patients to better organise, manage and control their own health care provision – it also saves the time of physicians through allowing secure, online consultations. Patients Know Best’s first customers include Great Ormond Street Hospital, St Mark’s Hospital and NHS South Devon. Patients Know Best integrates fully into the NHS N3 secure network and is available for use by any patient with any clinician anywhere in the world. It is now used by over 60 hospitals across seven countries and complies fully with UK NHS information governance requirements as well as the EU Data Protection Act and US HIPAA legislation for dealing with medical data. www.patientsknowbest.com
- October 2015: E-Health Insider Award, ‘Best Use of Technology to Share Information with Patients and Carers’.
- September 2015: Awarded a ‘founding member’ of BCorporation.
- June 2015: One of 17 companies chosen for NHS England’s Digital Health Accelerator Programme.
- May 2015: Received ‘Champion’ award at the eHealth Competition, a Europe-wide, European Commission-backed prize.
About Balderton Capital
Balderton Capital is one of the largest venture capital firms in Europe, committed to finding and helping talented entrepreneurs build great companies. Based in London, the firm manages $2.3 billion. Since 2000, Balderton has invested in over 100 companies, principally across Europe. Notable realised investments include NaturalMotion (the mobile gaming developer, sold to Zynga in 2014), Betfair (the online betting exchange, 2010 IPO), LOVEFiLM (the home entertainment subscription service, sold to Amazon in 2011), MySQL (the open-source database software, sold to Sun Microsystems in 2008) and YOOX Group (the online retailer of leading fashion brands, IPO in 2009). The current portfolio includes innovative companies such as Nutmeg, CrowdCube, Lyst, 3D Hubs, Globoforce, Banjo, Prodigy Finance, Credit Benchmark, Kobalt, Openet, Scytl, Talend, The Hut Group, Tictail and WorldStores.
About Maxfield Capital
Maxfield Capital is a venture capital firm that invests in global seed and early stage technology companies. We search for unique ideas, visionary entrepreneurs and new markets’ niches. The fund has offices in New York, Tel Aviv and Moscow. Our original approach aims at creating global success stories by bridging the gap between high quality engineering and commercial execution. Maxfield Capital is currently considering investment opportunities in USA, Europe and Israel.