UK healthcare scale-up Navenio, has announced a $1.1 million (€845K) investment from Future Planet Capital to help accelerate healthcare efficiency.
Navenio aims to use the funds for its intelligent workforce solution, which helps to mitigate infection and cross-contamination in hospitals.
Dubbed 'Uber-for-indoors' for its infrastructure-free indoor location solutions, the platform is the equivalent of GPS for use indoors.
WHY IT MATTERS
The technology will stop cross contamination of teams travelling from select COVID-19 areas to parts of the hospital that are not treating the virus, a key issue limiting the ability of hospitals to continue other critical operations and procedures.
The investment from Future Planet Capital will help Navenio to not only mitigate infection rates in hospitals, but to roll out its technology to ensure ‘right person, right place, right time’, resulting in an increase in efficiency.
With hospitals and healthcare systems under more financial strain than ever, Navenio claims to tackle the rising cost of healthcare with its workforce tool, which can increase workplace productivity, freeing up clinical resources for other high value tasks.
Since the start of the COVID-19 pandemic, Navenio has formed partnerships with multiple NHS organisations, as well as facilities management businesses and private hospital groups. The scaleup has so far improved inpatient and caregiver experience and improved efficiency of service lines of healthcare teams.
Plans are set for Navenio to expand further at a time where hospitals can expect higher admittance rates.
THE LARGER CONTEXT
In August, Royal Cornwall NHS trust chose Navenio's location tech to support radiology portering and service support teams.
Earlier in the year, Navenio raised £9 million in Series A funding to develop its hospital workforce AI platform.
ON THE RECORD
Douglas Hansen-Luke, executive chairman at Future Planet Capital said: "Having established partnerships with the NHS, Cleveland Clinic and some of the world’s largest outsourcers, we believe Navenio is poised to revolutionise healthcare efficiency worldwide. In addition, the core indoor geo-location engine developed at Oxford’s computer science lab, has achieved what competing tech giants in the space have not, and we believe this will be hugely valuable cross-industry."
Tim Weil, CEO of Navenio, added: “We are delighted to have received this additional funding from Future Planet Capital, topping up our Series-A raise from earlier this year. There is no denying that we live through challenging times but here at Navenio we are using our technology to help and provide benefit to the teams that are fighting on the front line. Our indoor location and workforce solution is crucial and can play a significant role as hospitals experience the second or even multiple waves of COVID-19 patients, ensuring that patient care and team flows are optimised during peak periods and enabling ‘right person, right place, right time’.”