Radar Healthcare secures £9m investment
Safety and compliance technology provider Radar Healthcare has closed a £9 million funding round led by existing investor 24Haymarket.
Private capital firm 24Haymarket has led three previous funding rounds for Radar since 2017, with this one taking it to a majority ownership position.
Leeds-based Radar Healthcare’s software helps to reduce risk in the healthcare sector, encompassing primary and secondary care, residential care and dentistry, using artificial intelligence to analyse incidents, detect trends and manage risks.
Radar stated the funds will be used for increased customer support and business growth in the UK and abroad. It will also be used for product development and innovation projects, for example, the company is developing its Internet of Things and data driven event functionality which will allow connected devices and wearable technology to feed into the platform, tracking users’ conditions and the surrounding environment. The software will pull in multiple data points to provide insights to healthcare providers.
Paul Johnson, chief executive of Radar Healthcare said: “We are proud of what we’ve achieved so far in just a few years – we’re already the market leader. We have partnered with a variety of NHS trusts and care providers, including supporting Milton Keynes University Hospitals NHS Trust to become the first trust to roll out the new NHS Learn from Patient Safety Events. This will record patient incidents so the data can be used to improve patient safety across the whole healthcare industry. Our platform frees up healthcare providers to focus on caring, not paperwork – enabling a proactive approach to patient and resident care.
“This investment will help us really accelerate the growth we’ve seen so far, while looking at new markets. More than this, it will enable development of the Radar Healthcare platform so we can look at preventative care before patients even reach healthcare settings. This will be more important than ever as the NHS welcomes Integrated Care Systems.”
Stuart Fletcher, 24Haymarket’s investor director, added: “Radar Healthcare has consistently delivered since we first invested five years ago, so leading this round of investment was an easy decision for us to make. They have an enviable portfolio of customers, and this is an exciting and growing market. We are looking forward to seeing where Radar Healthcare goes next, and are pleased to be part of it.”