IgniteData, a Reading-based healthtech startup that aims to revolutionise how healthcare practices conduct clinical research, has secured new funding to complete a £500K project as part of Innovate UK’s Smart Grants programme.
Out of £500K funding, £350K came from Innovate UK, which was co-funded by Ignite with the additional £150K as part of the programme.
Archer – Innovative DigiHealth application
The funding will be used to further develop the AI capabilities of Archer, a digital-health SaaS platform that reduces the need for manual data entry in clinical trials.
Founded by CEO Dan Hydes and CTO Richard Yeatman in 2014, the cloud-based SaaS platform is capable of remotely accessing and transforming patient medical records to enable the rapid, automated delivery of accurate, tracked, and validated data to multiple research applications, such as EDC (Electronic Data Capture).
Invested £1M in last 18 months
This latest IgniteData funding takes the total amount of UK government investment in the business to over £1 million in the last 18 months. It’s worth mentioning here that through its Smart programme, Innovate UK, part of UK Research and Innovation, is investing up to £25 million in game-changing innovative or disruptive ideas.
Underpinned by SMART on FHIR, IgniteData utilises NLP (Natural-Language-Processing) to pull out structured data, allowing more intuitive and responsive management of EDCs within the platform, opening up the untapped potential of secondary-care EHR (Electronic Health Record) data.
Dan Hydes, co-founder, and CEO of IgniteData comments, “This next round of Innovate UK funding is a huge endorsement of everything we are achieving with Archer. For us, it’s always been about how we accelerate a major step-change in the speed, efficiency, and affordability of clinical studies.”
He adds, “This grant means we can continue to transform the interoperability of EHR and EDC systems, specifically now by beginning to unlock the value that lies within the larger realm of unstructured data – where the greatest challenge lies. It’s essential the UK stays competitive as a digihealth player and we welcome this investment in healthtech right now.”