Tech company Doccla secured a Series A funding round of $20 million. The Sweden-founded company is currently headquartered in London. One of the investors was venture capital firm General Catalyst; they also invested in Plume, a virtual healthcare service provider intended for the transgender community.
Besides existing investors Giant Ventures and Speedinvest, healthcare investors KHP Ventures got involved in the project. KHP Ventures is a partnership between King’s College Hospital NHS Foundation Trust, King’s College London and King’s College Hospital.
Chris Bischoff, Managing Director at General Catalyst, will join the company’s board as part of the funding round.
How Will The Funding Be Used?
The company plans to use the funding to develop a technology stack that connects their patient monitoring systems with more medical devices, electronic healthcare records and data analytics software. They also plan to use the funding for AI development.
To meet the growing demand for virtual hospitals, the company plans to increase clinical capacity and availability.
Doccla told Tech Funding News that their business expansion in Europe is dependent on upcoming public bids in larger markets. They are also in discussions with several significant operators in several countries.
Doccla founder Martin Ratz comments on the company’s 2019 funding round. He says that completing the round marks a significant step in Doccla’s goal of making virtual wards an essential part of modern healthcare systems. Since its foundation, the company has grown and made significant progress. Additionally, all of their clients have given them contract extensions— indicating their appreciation for Doccla and its inherent value to healthcare systems. They plan on using their new funding to further achieve success by getting more hospitals onboard, developing technology, and enhancing clinical capacity. This will help them address the hospital bed crisis and alleviate the immense pressure on healthcare systems like the NHS.
Patient Monitoring Technology
The technology company Doccla was founded by Dag Larsson and Martin Ratz in Sweden in 2019. Their service allows clinical staff from various UK hospitals to monitor patient vital signs remotely. This is accomplished through virtual ward monitors and patient monitors that are provided by Doccla.
Doccla’s company partners with hospitals to enable early leave and reduced readmissions for a variety of patient groups. Their end-to-end solution is device-agnostic, easily integrates with existing systems and provides data-driven insights.
Doccla offers a box of equipment tailored to the individual. This box contains wearables that measure many different body parameters such as blood pressure, body temperature, heart rate and oxygen saturation. Some versions of these devices are specifically designed for people with vision impairments and have large fonts.
By saving thousands of bed days for the NHS and client health trusts, Doccla has helped reduce Emergency Admission rates by 29% and A&E attendance by 20%.
Supports Long-Term View
General Catalyst is a venture capital firm that invests in long-lasting positive change that affects people and society.
The VC supports founders who question the status quo and provide long-term support for their projects from the beginning stages all the way to maturity.
The firm helped support businesses such as Airbnb, Guild and Deliveroo through offices located in Boston, Palo Alto, New York City and San Francisco.
According to Chris Bischoff, the Managing Director of General Catalyst, Doccla is an important company that is driving real change in healthcare. Their work is crucial to expanding health resources in a cost-efficient way and improving patient outcomes through remote monitoring. Additionally, virtualizing hospital wards is critical for expanding health resources and facilitating smooth home transitions for patients. Bischoff says that Doccla’s potential is immense and its success aligns with General Catalyst’s Health Assurance thesis. “Martin, Dag and their team’s partnership with NHS Trusts reflects our belief in responsible innovation through radical collaboration. We believe the partnership will create positive change that benefits society— change that will last and endure. Because of this, we support their work and believe they will create enduring positive change. The General Catalyst company supports companies that cause powerful and positive change.