Healthcare tech business Drayson Technologies is celebrating the close of a £10m Series C investment round led by Woodford Investment Management, which will support the business’ “ground-breaking” research deal with Oxford University and its NHS Trust.
As part of the funding round, Oxford University and the Oxford University Hospitals NHS Foundation Trust (OUH) will receive an aggregate £5m equity in Drayson Technologies, which already has an exclusive licensing agreement with the university for three of its digital healthcare products.
Investigating the impact of the environment on personal health – particularly in patients with chronic illnesses – Drayson Technologies creates Internet of Things (IoT) networks which collect data to provide physicians and patients with actionable information, reducing healthcare costs.
Supported by the Series C funding, the business’ strategic research agreement (SRA) with Oxford University and OUH is expected to benefit “millions of NHS patients” by enabling the development of its technology into commercial products, which will be available in the UK and overseas.
The five-year deal will see a portion of the profits made from these products feed back into the NHS Trust as well as Oxford University, benefiting patients and enabling further research. Over the duration of the agreement, Drayson Technologies is set to sponsor clinical study into new healthcare solutions.
This latest funding round takes the total amount of investment raised by Drayson Technologies to more than £41m.
Lord Drayson, chairman and CEO at Drayson Technologies, said: “Chronic disease affects the lives of millions of people as well as accounting for around 70% of NHS costs. Digital health technologies offer the potential to make a huge difference for these people and save money for the NHS.