VCs and angels help Closed Loop Medicine raise £2.1m
Leading Cambridge angel investors including serial entrepreneur Sherry Coutu have helped a health technology startup stride out of stealth via a £2.1 million pre-Series A round.
Closed Loop Medicine (CLM) helps doctors and healthcare providers deliver personalised treatment regimens.
The venture capital funding was raised from Longwall Venture Partners, IQ Capital and Martlet, the investment arm of the Marshall of Cambridge group, and several Cambridge archangels.
Closed Loop Medicine is a new breed of therapeutics company that combines proven drug treatments with digital therapeutics. Digital therapeutics deliver evidence-based therapeutic interventions to patients that are driven by high quality software programs to prevent, manage, or treat a medical disorder or disease.
Even in countries with the most advanced healthcare systems, few providers deliver truly personalised care. This is because current models of care do not have the ability to deliver fully integrated treatment underpinned by cutting-edge technology.
The Closed Loop Medicine approach uses data and insights about how a patient is responding to treatment to tailor drug and non-drug therapy, which provides a much faster way of getting an individual to their optimum outcome.
CEO and co-founder Dr Hakim Yadi said: “Having been in stealth mode for several years, this latest fund raising marks a significant milestone for the business and its founders.
“As well as securing venture capital funding from experienced investors in deep tech and life sciences, we have been able to establish corporate partnerships with international Pharma companies and the NHS and also hired a senior management team that represents the very best in talent across healthcare and technology.”
The funding will support the development of a drug + digital approach to treat and manage major health conditions our society faces, starting with sleep disturbance and hypertension.
The company intends to develop fully regulated, evidence-based Drug + Digital solutions for the NHS and international healthcare providers.”
CLM was founded in 2017 and first secured seed funding from several angel investors via the Cambridge Angel network. In 2018 the company raised further funding from Longwall Venture Partners and Cambridge Angels.
In this latest round Cambridge Angels and Longwall Venture Partners were joined by IQ Capital.
Dr Yadi joined from the Northern Health Science Alliance Ltd, where he was chief executive, and in March joined CLM full-time. Dr Andy Richards is chairman. The experienced Dr Richards is also director of Ieso Digital Health, chairman of Arecor, Congenica, Abcodia and the Babraham Research Campus.
This most recent funding round has enabled the company to take offices in London, invest in technical product development, start clinical development and clinical trials as well as invest further in drug development. The funding has also been used to recruit the current management team, as well as support building out the CLM tech team.
Ed Stacey, partner at deep-tech fund, IQ Capital, said: “The management team at CLM have hugely impressive credentials and now bring this experience to one of the most cutting-edge innovations in digital therapeutics.
“We are really excited by the huge steps forward the team is making in this field – watch this space.
“IQ Capital has invested in several companies that leverage the technology including Biobeats, Neurovalens, and now CLM.”