European technology investors, Amadeus Capital Partners and Archimedia Investments, have invested 1.6 million pounds ($2.5 million) in web-based medical practice management business, Qinec. Legal advisers on the funding were Osborne Clarke for Amadeus, Chadbourne & Parke for Archimedia, and Cannings Connolly for Qinec.
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
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.
For further information, please contact: Chantal Ligertwood, PR for Amadeus, +44 (0)7976 229 210
Amadeus Capital Partners is one of Europe’s leading technology venture capital firms, with some £500m under management. Since its inception in 1997, the firm has backed over 80 companies in industries that include communications and networking hardware and software, cleantech, medtech, computer hardware and software, media, and e-commerce. Major businesses built by the firm include CSR plc (LSE:CSR), the leading producer of single chip bluetooth radios for short range connections, Solexa Ltd, the developer of next generation genetic analysis systems, merged into Illumina, Inc. (ILMN) to create the world-leader in gene-sequencing technology and Transmode, a networking solutions business that had an over-subscribed IPO on NASDAQ OMX Stockholm in May 2011.
Archimedia is an innovative investor in fast growth businesses across the UK and internationally. Archimedia looks for situations in which it can add significant value and take an active role in helping management to develop the business. Archimedia’s activity is primarily in the technology and consumer sectors. Recent investments include: e-commerce data aggregator Geckoboard, online furniture retailer made.com and iconic fashion brand Moncler. Archimedia Founder & Chairman, John Hunt, has created or co-created companies with over a billion dollars of market value.
Qinec offers a ‘cloud based’ management platform for every class of outpatient care provider, including doctors, ophthalmologists and physiotherapists. The Qinec platform ensures efficient and confidential diagnosis, care planning, monitoring, drug delivery and billing. Qinec ensures that patient information is safely shared amongst care providers to enhance the quality of care and ensure up to date information availability for all medical professionals involved.