Navenio lands $12.6m investment to accelerate global expansion
Navenio, a provider of location-based technology that supports workforces, has received a new $12.6 million investment led by Oxford Science Enterprises.
The funding will support Navenio’s expansion in the US and enable continued domestic growth. The aim is to make its technology accessible to frontline teams and address demand by maximising patient flow in key departments such as imaging and logistics – a key issue limiting the ability of hospitals to continue critical operations and procedures as the pandemic continues to impact healthcare.
Navenio’s location technology is developed from University of Oxford science. Using a smartphone’s sensors, the fusion of four unique technologies creates a highly scalable indoor location, providing actionable insight immediately.
The company says its technology is tackling the rising cost of healthcare with tools that can increase workplace productivity by up to 100%, freeing up clinical resources to focus on patient care.
The majority of Navenio’s existing investors participated including QBN Capital, Big Pi Ventures, Future Planet Capital, G.K Goh, Hostplus, Oxford Investment Consultants, IP Group, and the University of Oxford.
The funding adds to last year’s $11 million Series A investment to improve workforce efficiency in healthcare and other verticals.
Niki Trigoni, founder and chief technology officer of Navenio, said: “I’m delighted our investors have again demonstrated their belief in the vast potential that Navenio can bring by ensuring ‘right person, right place, right time’. Artificial intelligence is one of many technologies making a real-world impact in the health sector, and this investment enables the company to rapidly spearhead international digital transformation.”
The company has already forged strong relationships with health systems and facilities management operators in the UK and US. Following recent funding from NHSX, as part of an AI in Health and Care Award, Navenio is also currently developing a proven and nationally scalable evidence base to further support improved patient flow across the health economy.
Matt Arnold, principal at Oxford Science Enterprises, added: “We’ve supported Navenio since day one and couldn’t be happier with the progress they have made despite the pandemic. We are proud of the impact this business has made in healthcare and this investment gives the company the firepower to deliver this promise internationally.”
Navenio was spun out of the University of Oxford in 2015 and currently has a team of more than 60 people.
Date published: December 16, 2021