Beats Medical out to raise €3m for next phase of business-to-business growth
Ciara Clancy's Beats Medical is seeking to raise €3m in Series A funding.
The company - seen as one of Ireland's most promising startups - would use the money to help fuel the business-to-business (B2B) aspect of its model.
Beats Medical makes a smartphone app that provides therapies for people with Parkinson's disease and other neurological conditions.
It is available directly to customers for €1 a day but selling it directly to hospital groups is likely to enable it to reach more people more quickly.
"The B2B allows us to have much more significant impact in a much more rapid way. In a sense it's also much more accessible for individuals as well. If it's covered by their insurer or their major hospital scheme, you can have thousands of people coming in to the same hospital group, getting on the system and off they go," said Clancy - a physiotherapist by training - in an interview with the Sunday Independent.
"It is a potentially more sustainable model for an impact business to be B2B."
Clancy - one of the young upcoming entrepreneurs recognised in this year's Sunday Independent '30 under 30' said there has been a marked increase in the uptake of digital health products in the last year or so.
"Beats Medical didn't look like a pill. It didn't look like how you treat Parkinson's disease. We had people with Parkinson's who this was helping who said: 'Don't make us wait for the HSE to cover it, we want this now.'
"So we started selling direct to customers and now we have users in 44 countries through that selling. But hospitals and insurers, particularly across the States, are embracing digital health like never before in the last 12 months."
Beats has been backed by a number of angel investors including telecoms entrepreneur Sean Melly and pharmacist Sam McCauley.
Sunday Indo Business