Investing in Health Tech in 2023
Technology has the power to rapidly change the outlook of our healthcare landscape, from cutting-edge innovations in diagnostics to revolutionary tools to streamline processes, technology converging with healthcare offers a massive opportunity for investors.
On 16th May, we presented Future Forward: Investing in Health Tech, in partnership with SETsquared, where we, along with our esteemed community of early-stage investors, explored the opportunities and challenges of investing in Health Tech.
Diving into topics such as trends making waves in the healthcare landscape, novel therapeutics turning investor’s heads, and not-so-flashy but equally important, B2B digital health innovations, our speakers shared their insights and expertise, making it an incredibly powerful session.
We were thrilled to kick the day off with a keynote from Pam Garside who is an angel investor, the Chair of Cambridge Angels, Partner at New Health, and Fellow at the Cambridge Judge Business School. Pam’s talk set the scene for the day by exploring what Health Tech investors are looking for in 2023 and what types of companies have the potential to disrupt the market.
Looking at companies automating processes and datasets, integrating technology into consumers’ lives, supporting clinicians, and building on scientific discovery, Pam highlighted that many companies are addressing real problems faced by our healthcare system, all of which offer major potential.
One of the challenges in the healthcare system, Pam noted, is the workforce and as such, innovations that support clinicians and remove some of the administrative burdens, accelerate the speed at which they can complete standard processes, offer high potential for investors.
Following on, we welcomed an impressive group of early-stage investors to join a panel discussion unpicking some of the key themes Pam shared, as well as sharing where they are investing.
The panel included:
- Pam Garside, Chair, Cambridge Angels
- Will Gibbs, Healthtech Partner, Octopus Ventures
- Molly Gilmartin, Investment Manager, AlbionVC
- John Milad, Partner, Co-Head of Healthcare Ventures, Downing LLP
- Jenny Tooth OBE, Executive Chair, UKBAA (Moderator)
Each coming with a different perspective and place in the investment value chain, our panel shared a breadth of interesting thoughts. Whilst they, like many other investors, noted how much potential there is in the sector for highly innovative and exciting integrations offered by things like AR, VR, and AI in healthcare, what stands out as both opportunity and necessity is B2B solutions.
Things like creating better-connected and secure data systems, patient triage and monitoring tools, and scheduling and automated workflows to support nurses and staff – solutions that are solving the many day-to-day challenges faced by patients and providers alike, are what really offer potential right now.
When exploring some of the challenges in the sector, the panel looked at the issue around Health Tech innovations not being ‘lift and shift’ solutions, meaning they can’t always transfer geographically or have the same demand in different landscapes. Take for example, the NHS here in the UK compared to the US healthcare market – the needs and timelines are very different when it comes to market adoption and scalability. With that, the panel shared investors need to be acutely aware of what potential businesses they are speaking with envision for their future and how that aligns with their potential commercial business case.
This is just a snippet of the valuable insights the panel shared, but you can watch the full session on the Future Forward website.
Next up, we were delighted to hear about the growth story of digital health company, Qureight, in the Fireside Chat, hosted by Jeevan Sunner, Principal at Playfair Capital, and featuring Muhunthan Thillai, Co-founder and CEO of Qureight. During this chat, Muhunthan shared the origin story of Qureight – a clinical data analytics company that curates data to solve complex diseases – how Playfair came to back the company and what their growth has looked like.
Qureight is backed by Playfair Captial, alongside Cambridge Angels, Ascension Ventures, CMS Ventures, Meltwind Advisory, and individual angels, which Muhunthan explained is a unique group of investors that represent both Health Tech and general Tech focuses, which makes strategic sense for the business.
During this chat, Muhunthan and Jeevan touched on things like what strategies Qureight took to identify the strengths and experiences of the board and how that would impact the company for the better. They also tapped into the commercial traction Qureight has seen recently, including several large pharma clients that have resulted in projects turning into license fees, and what that typical project life cycle can look like.
Finally, we closed the day off with a Quickfire pitch session hosted by our event partner, SETsquared. Chris Hill, Investment Programme Manager at SSQ welcomed 5 Health Tech companies from within the SSQ network, each of which delivered a 5-minute pitch.
Ranging from a one-of-a-kind sock with integrated technology used to assist care staff in monitoring patients, to an AI receptionist that helps encourage patients to attend appointments and can predict no-shows, this session shone the spotlight on an array of Health Tech innovations.
See the presenters:
This half-day event was filled with brilliant perspectives and takeaways that left our audience with much to think about and get excited about. Health Tech offers so much potential and with innovations continually occurring, there has never been a better time to invest in the sector.
If you missed the event, be sure to head to the Future Forward website to watch each session and see what the experts have to say.