Certific secures funding to advance at-home testing
Healthtech startup Certific has raised a total of €7.4 million to advance remote medical diagnostics, following a seed round led by European investment platform Plural. HealthInvestor speaks to Dr Jack Kreindler, Certific’s co-founder and chief scientific officer to find out more.
The funding will be used to support technology growth and product expansion, as well as entry into new markets including the rest of Europe and the US, Kreindler tells HealthInvestor.
Plural, which led the seed funding, is a €250 million investment platform set up by four leading European founders to invest in the founders of the next generation of European technology. Venture capital fund Specialist VC and angel investors participated in the round.
Certific is a platform that enables certified remote medical testing without an appointment. The group plans to take self-testing – an unregulated space at the moment – and turn it into a new standard of certified self-care where patients can be given the authority to do something for themselves, that currently requires a health care professional.
Certific’s revenue targets are orientated around the number of people that the group can serve, he adds: “We served over 100,000 patients in the first year. But the initial growth dependent on Covid-19 is not the reason for starting the company. The reason for starting the company and raising the money is to define a new standard for self-care and certify that to medical standards, which enables organisations that want to decentralise to save an enormous amount of time and money in both the early detection, treatment management and trialling of medicine.”
When it comes to expansion, Kreindler explains, Certific has first looked at regions where the public health authorities have defined very standardised workflows for how patients can declare statements themselves – do the medical history themselves for example and get a prescription without an appointment. Also, regions with easier regulatory pathways and a substantial backlog problem.
Simple routine tests such as UTI tests account for 10 million GP appointments per year according to NHS data. A recent study estimated that, in 2020, the average 9-minute GP consultation cost £39.23. So, these UTI appointments cost the NHS around £392 million a year.
Astonishingly, from 2015 to March 2022, England has lost 1,595 full-time GPs according to the British Medical Association.
20% of the cost of an unnecessary appointment can be removed by certified self-care, self-testing, self-measuring, Kreindler continues. “A realistic short-term goal for us is to provide solid evidence, beyond the evidence that we’ve already published, that can be applicable across several use cases. And the commercial target is to prove the economics and the scalability of that with major industry partners like the NHS and large primary care provider groups, and to actually be recognised as the standard-setter and the go-to organisation.
“In the longer term, over the next five to 10 years, the target will be to extend that and establish a population scale certified self-care.”
Liis Narusk, co-Founder and chief executive of Certific also commented on the fundraising:”We have served over 100,000 patients so far and together with this investment it shows that we are well placed to solve critical problems for patients and for healthcare systems. We have ambitious plans for growth and we are confident that these will be achievable with the support of our investors and our dynamic approach to the future of healthcare.”
Taavet Hinrikus, one of the founding investors of Plural and co-founder of Certific, said: “We are confident that the business will make a real difference to patients’ experience, especially when it comes to accelerating treatment where it is needed. Leading this seed round, Plural is committed to supporting Certific, sharing our own experience of building impactful tech businesses.”
The global home diagnostics market was worth US$ 5.34 billion and is projected to reach a value of US$ 8.52 billion by the end of 2031. It’s expected to grow at CAGR 4,4% during the next 10 years.