Healthtech firm raises £350,000 investment
Healthtech firm Concentric, which empowers patients to make the right decisions for themselves, has received £350,000 of investment from Innovate UK.
Co-founded by Carmarthen-born surgeon Dafydd Loughran and operating out of Tramshed Tech in Cardiff, the firm has developed a platform that supports patients faced with the possibility of surgery to make shared decisions with their clinicians.
As well as helping patients to make more informed decisions, Concentric also digitises paper-based processes so that health organisations can save money and avoid unnecessary operations.
Daffyd said his firm will use the funds to scale up from a pilot at Imperial Healthcare NHS Trust across interested Welsh health boards and internationally.
“At Concentric, we’re hoping to drive healthcare towards data-driven, shared decision-making. We want to support decision-making around what matters to the individual, and use technology to deliver insights into what the outcomes are likely to be for that individual,” he commented.
Before launching Concentric, Dafydd studied medicine at Cardiff University and completed surgical training in Wales. He also undertook an artificial intelligence fellowship at Babylon Health in London and wants to bring that experience to Wales.
He co-founded Concentric with Edward St John, an NHS and academic surgeon. They’re hoping to develop a software engineering and user experience team in Cardiff.
Asked about the benefits for clinicians and the health system, Edward commented: “As a clinician I’m excited to be delivering a world-leading evidence base to support patients.
“Published evidence demonstrates that patients engaged in shared decisions often make less invasive decisions, leading to both better outcomes aligned with their priorities, and projected savings of up to £11.6bn a year across the NHS. For health boards, Concentric allows the consent process to go paperless, with an audit trail of the discussions held and decisions made.”
Innovate UK’s Manager for Wales Jon Wood, said: “I’m delighted that Innovate UK are supporting Concentric here in Wales. The open competition is very competitive, so this funding is a great endorsement for Concentric and its innovative approach to data-driven surgical decision-making.”
Kelvin Gomez, consultant Surgeon at Aneurin Bevan University Health Board, added: “As a surgical community, we recognise the need to improve our consent process, and here is an opportunity to make the process more patient-centred.
“I’m also delighted to see this innovation being developed locally and by Cardiff-trained surgeons. I look forward to health boards in Wales being some of the first to trial this 21st century way of obtaining informed consent from our patients, and hope that we remain an active part of the ongoing feedback and development process.”