A Bristol-based remote patient monitoring (RPM) and virtual care platform has secured nearly 拢2m in fresh investment.
Wanda Health say the funding will accelerate its expansion across the US following a series of commercial developments.
The funding round was led by DeepTech and life sciences investment group EMV Capital and totals 拢1.9m, including 拢834,000 from EIS investors, a debt facility and the conversion of existing convertible loan agreements.聽
The package also features a 拢250,000 loan to provide growth financing as Wanda scales up to meet increasing customer demand.
Tom Smith, CEO of Wanda Health, said: 鈥淲ith new funding in place and key partnerships progressing well, we are now scaling our impact across the US.
鈥淲ith the additional capital, we are well positioned to capitalise on the growing opportunities in the rapidly expanding digital remote monitoring market and to move closer to our mission of delivering the best-in-class intelligent virtual care.
鈥淥nce fully onboarded, our existing contracts are projected to provide over $3.5m ARR, at which point we will target a Series A investment round. At that time, we expect our business to have a significantly higher valuation.
鈥淲e are incredibly grateful to EMV Capital for their continued belief in Wanda鈥檚 mission. As a long-standing partner, their trust, insight, and support have been instrumental in helping us reach our next stage of growth.聽
鈥淐losing this round with their backing reinforces our shared vision of transforming how people engage with their health. We are excited for what lies ahead 鈥� and proud to have EMV Capital with us on the journey.鈥�
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The HealthTech鈥檚 platform is designed to reduce hospital admissions and readmissions by collecting real-time health data from patients at home or in the community and alerting clinicians when intervention may be required.聽
The company鈥檚 performance has been buoyed by strong commercial progress and steps towards FDA approval in the US.
It has gained the funding after a series of strategic wins, including partnerships with the COPD Foundation and the American Heart Association.
One of the most significant developments this year is the firm鈥檚 entry into the Pharmacy Benefit Manager (PBM) market, which plays a critical role in the US healthcare system by managing drug benefits for over 275m Americans.聽
Wanda has secured a contract with Sav-Rx, a major PBM serving a network of more than 65,000 pharmacies across the country. Onboarding has already begun, with the deal potentially having the ability to deliver multi-million-dollar revenue.聽
In a separate move, the business has begun working with a group of assisted living facilities in California – an entirely new use case for the business.聽
This rollout is expected to generate around $300,000 in recurring revenue by the end of 2025.
Dr Ilian Iliev, chairman of Wanda and CEO of EMV Capital, added: 鈥淲e are delighted to support Wanda as it continues to develop and build out its platform, customer base, market strategy, and leadership team.聽
鈥淲ith growing demand and a clearly defined regulatory pathway, the company is continuing well on its growth journey.聽
鈥淲e look forward to seeing Wanda鈥檚 impact grow, as it scales its operations across the US, and beyond.鈥�