Oxford University spin-out Navenio has announced £9m in Series A funding for its efficiency-boosting location technology.
The funding round was led by QBN Capital and includes G.K. Goh, Hostplus, Big Pi Ventures, Oxford Investment Consultants, as well as existing investors like Oxford Sciences Innovation (OSI), IP Group plc and the University of Oxford.
WHAT THEY DO
Navenio provides infrastructure-free indoor location solutions to power a range of apps and platforms in sectors including healthcare.
Hospitals, for example, can use Navenio’s artificial intelligence (AI) led ‘intelligent workforce solution’ to assign tasks to healthcare teams based on their location. This helps prioritise workload in real-time.
The secure system uses smartphones, with no need for investment in new infrastructure from hospital management. This can help tackle increased pressure on healthcare systems worsened by variable staffing levels during the COVID-19 pandemic.
The benefits of Navenio in healthcare include faster cleaning of infectious areas in hospitals, full visibility of vulnerable patient movement between departments, and connecting porters directly with staff to ensure that equipment is transported to where it is needed as soon as possible.
WHAT IT’S FOR
The funds will be used to increase the scope of Navenio’s offering in the UK, as well as in the US and Asia, where it has a number of evolving partnerships.
Meanwhile, Public Health England is using an app-based workplace management system by Deputy to improve efficiency and manage its scaled workforce during the COVID-19 crisis. The solution quickly generates rotas based on staff availability, qualifications and roles.
ON THE RECORD
Philea Chim, senior vice president at QBN Capital, said: “We’re delighted to lead this funding and be closely involved with Navenio’s mission to help frontline teams. Navenio’s technology has the potential to transform the way that organisations deal with tasks across the board for the better, which is especially important during the long-lasting disruption caused by COVID-19.”
Dr Harpreet Sood, former associate chief clinical information officer at NHS England, said: “Navenio’s technology is unlocking significant improvements in the efficiency and workflow of healthcare teams, and has been shown to result in both better patient outcomes and staff experience. It’s a bit like an Uber for indoors, given the ability to connect frontline teams with the resources they need as quickly as humanly possible.”
Tim Weil, CEO of Navenio, added: “Our technology is all about giving hospitals the oversight needed to allocate frontline teams the tasks they are best suited to carry out, in a safe and secure manner - this is critical both for right now, and for the huge patient flow challenge that will be faced as hospitals re-open for business as usual.”