University spinout secures 青瓜视频1.8m funding for digital therapeutic platform for severe mental illness
A digital therapeutic platform and spinout from The University of Manchester that focuses on tackling severe mental illness has closed a 青瓜视频1.8 million funding round from the GMC Life Sciences Fund By Praetura, NPIF II 青瓜视频� Praetura Equity Finance (which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund), Verge and SFC Capital.
Launched in 2021, CareLoop integrates with existing treatment pathways, providing patients with digital support while enabling clinicians to remotely monitor and track patients青瓜视频� symptoms, along with personalised algorithmic escalation prediction to prevent episodes.
CareLoop was founded by mental health experts Professor Sh么n Lewis, Professor John Ainsworth and Professor Sandra Bucci, who are academics at The University of Manchester, along with Zo毛 Blake (CEO), who previously delivered 10x growth at the digital mental health platform Kooth plc, and COO Dr Pauline Whelan, previously co-director of the GM.Digital unit at Greater Manchester Mental Health NHS Foundation and The University of Manchester青瓜视频檚 Digital Health Software lead.
The company, which is set to open its first headquarters in Manchester青瓜视频檚 new Sister innovation district, is backed by over a decade of research, including five clinical trials, with rigorous evidence-based testing to prove its safety and effectiveness in symptom management and reduction in relapses.
The seed round has been co-led by the GMC Life Sciences Fund By Praetura 青瓜视频� which is managed by Praetura Ventures on behalf of Bruntwood SciTech, the Greater Manchester Combined Authority (GMCA) and Enterprise Cheshire and Warrington 青瓜视频� and Verge HealthTech Fund, a Singapore-based VC firm investing exclusively in impactful healthcare technologies, which counts Impact Ventures by J&J Foundation among its investors.
NPIF II 青瓜视频� Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund, also took part in the round with SFC Capital.
Right from the very start, our motivation has always been to improve care for those living with serious mental health conditions.
Last year, the platform was recommended by the National Institute for Health and Care Excellence青瓜视频檚 (NICE) Early Value Assessment programme (EVA), which recommends products for use in the NHS. CareLoop has also identified cash savings for the NHS of between five and 47 times the cost of licensing its product, depending on the severity of each condition.
Zo毛 Blake, CEO of CareLoop, said: 青瓜视频淲hile there are numerous digital mental health tools on the market, they tend to focus on wellbeing and common mental health problems such as anxiety and mild to moderate depression. And whilst many leverage evidence-based techniques, few have the robust clinical evidence of efficacy required to be called a digital therapeutic.
青瓜视频淥ur mission has always been to provide accessible care where it青瓜视频檚 needed to those living with the most severe and enduring mental illnesses. With approval from NICE, over 10 years of data and now the backing of key and well-connected investment partners, we青瓜视频檙e looking forward to enhancing the way mental health support is delivered to improve the lives of many millions living with these conditions.青瓜视频�
Professor John Ainsworth, Professor of Health Informatics at The University of Manchester said: 青瓜视频淩ight from the very start, our motivation has always been to improve care for those living with serious mental health conditions. With the backing of Praetura Ventures, Verge and SFC Capital, we can take the next step on our journey to achieving our aim and delivering global impact.青瓜视频�
Sim Singh-Landa, investment director and head of the GMC Life Sciences Fund By Praetura, said: 青瓜视频淲e understood CareLoop青瓜视频檚 mission, vision for transforming severe mental illness aftercare and the wider roadmap from our very first meeting with the team. Fast-forward to the present day and we青瓜视频檙e incredibly excited to not only be supporting the company with investment but also the more than money guidance and network support it needs to scale and deploy its technology across the NHS and other global health institutions.
青瓜视频淭he company is a testament to the quality of spinouts coming out of The University of Manchester, and the North West青瓜视频檚 universities more generally. In addition, it青瓜视频檚 great to see the GMC Life Sciences Fund by Praetura and the NPIFII 青瓜视频� Praetura Equity Finance funds collaborate alongside co-investors from the UK and Singapore.青瓜视频�
Dr Kath Mackay, Chief Scientific Officer for Bruntwood SciTech said: 青瓜视频淭he GMC Life Sciences Fund By Praetura Fund was created to back businesses just like CareLoop. A dynamic Manchester-based spinout set to make a national and international impact on mental health care. Their innovative platform is another great example of the region青瓜视频檚 ability to create world-class life sciences businesses. We青瓜视频檙e excited to be supporting Zoe and the team in the company青瓜视频檚 next chapter.青瓜视频�
In total, it青瓜视频檚 estimated that over 70 million people worldwide suffer from a severe mental illness (SMI). Often these conditions are chronic, incurable or extremely difficult to manage, therefore putting vast economic pressure on healthcare providers or services. In the UK caring for people with psychosis alone accounts for 30% of the annual mental health budget 青瓜视频� totalling 青瓜视频4bn. And in the US, the direct cost of care is $62bn, equating to around $30k per patient per year.
Following the investment, CareLoop has confirmed plans to continue developing its technology to encompass other severe mental illnesses, including bipolar disorder.