European technology investors, Amadeus Capital Partners and Archimedia Investments, have invested £1.6m ($2.5m) early stage capital in web-based medical practice management business, Qinec (www.Qinec.com).
By streamlining processes such as appointment booking, patient record-keeping, prescribing and billing, Qinec’s powerful cloud-hosted software platform offers outpatient medical care providers the opportunity to improve patient care, whilst delivering significant cost savings. Qinec’s platform is open to every class of outpatient care provider, including doctors, ophthalmologists and physiotherapists.
Qinec has recently been selected as the cloud platform for the UK outpatient network of a major blue-chip international insurer and healthcare provider, bringing them double digit cost benefits; it is in the process of signing up several other major private health insurer and healthcare providers. Qinec has also secured distribution and licensing agreements outside the UK, including in the US.
The funding is being used to expand the management team and continue to develop the product portfolio, including more sophisticated products in its core markets, such as primary care.
Qinec is Amadeus’ latest investment in the medical technology sector. Others include Glysure, the Oxfordshire-based company that this year successfully launched an innovative glucose monitoring technology; wide-field ophthalmological screening company Optos plc; and clinical trials recruitment platform TrialReach. An earlier Amadeus medical technology investment, Solexa, is now – as part of Illumina – the world leader in gene-sequencing technology.
Qinec CEO, Robbie Hughes – the son of an IVF pioneer, and an aeronautical engineer by training began his career as an IT consultant in private medical practice, where he saw the opportunity to disrupt an industry caught in a cycle without change. Hughes commented: “A significant opportunity exists to transform the economics of healthcare if outpatient care provision can be delivered in a joined-up and connected way. Our goal is to empower a broad base of clinicians with the management platform they need to bring radical transformation to the quality of care they provide”.
Amadeus Seed Fund Managing Partner, Alex van Someren, said: “The medical IT sector is undergoing rapid and significant change; companies offering cost-effective products that benefit both the professionals and the patients will quickly build market share. I am impressed with what Qinec has achieved to date and look forward to working with the team to develop the full potential of their cloud platform.”
Archimedia Founder & Chairman John Hunt, said: “We believe that secure, cloud-based IT services are an inevitable solution to improving processes and outcomes in healthcare and that the platform which Qinec has developed, and already implemented with recognised leaders in the field, gives them a significant head start towards becoming a leader in this space.”
Legal advisers on the funding were Osborne Clarke for Amadeus, Chadbourne & Parke for Archimedia, and Cannings Connolly for Qinec.END
Chantal Ligertwood, PR for Amadeus, +44 (0)7976 229 210 firstname.lastname@example.org