Talking Medicines secures £1.5m to fund expansion into the United States market.
The syndicate included Mark Bamforth, Tern Plc, SIS Ventures, and Scottish Enterprise.
Glasgow-based Talking Medicines has created a data platform that uses artificial intelligence to interpret patient feedback from social channels for pharmaceutical companies.
Talking Medicines has secured £1.5m in a syndicated funding round featuring life science investor Mark Bamforth alongside Tern Plc, SIS Ventures, and Scottish Enterprise. The fresh capital will support the company as it builds out its presence in the United States and expands its subscriber base among pharmaceutical brand teams.
The business recently established an office in New Jersey to facilitate its North American expansion. The latest injection brings total funding raised by the firm to £4m.
The company has experienced rapid team growth, doubling its headcount to 35 employees over the past year.
From the founder
"2022 promises to be a big year for Talking Medicines with this new investment. Having scaled up our operations and formally launched our PatientMetrx® technology platform, we’ve now got our sights set on expanding in the US pharma market, providing brand teams and agencies with a new way of understanding what patients are really saying and feeling about their medicines. The pharmaceutical industry will go through seismic change this year and our actionable patient insights will be transformational for the industry. Our new office in New Jersey provides the ideal base for us to build relationships with customers, acquire new leads and drive revenue growth."
Jo Halliday
CEO at Talking Medicines
Investor perspective
"The transition to digital, accelerated by the pandemic, has further increased the relevance of Talking Medicines disruptive, high-growth, and impact technology. Talking Medicines social mission is to improve patient outcomes through the provision of gold standard, real-world, patient experience data, by medicine. This actionable intelligence will drive more effective patient care and support. We believe Talking Medicines is extraordinarily well positioned for significant growth and impact creation over the coming year and SIS Ventures is looking forward to sharing and supporting that journey."
Rob Halliday
Senior Investment Manager, SIS Ventures
Use of funds
- 01Expand into international markets
Investors
Categories
About the company
Talking Medicines
Talking Medicines builds artificial intelligence software to process patient sentiment data for pharmaceutical firms.