Funding Overview
Lifeyear, a health technology start-up based in the UK and Estonia, has successfully raised €2.8 million (£2.4 million) to develop its remote patient management platform aimed at enhancing cardiovascular care in the UK.
Purpose of Funding
The funds will be allocated to:
- Accelerate the deployment of the platform in selected UK hospitals, GP practices, and virtual wards.
- Refine the technology and validate its clinical effectiveness.
Statements from Leadership
Siim Saare, the founder and CEO of Lifeyear, stated:
“This funding is a pivotal step in our mission to reduce the global cardiovascular disease burden. With a stellar team and strategic backing from leading investors and clinical excellence centres, we’re focused on redefining how cardiovascular care is delivered, starting with patients who need it the most.”
He also mentioned that entering the UK market is a logical progression for the company.
Key Priorities
Lifeyear’s main objectives include:
- Generating real-world evidence.
- Ensuring compliance with NHS standards, including the Digital Technology Assessment Criteria.
Investment Details
The funding round comprises:
- €1.5 million (£1.28 million) in deep tech grant funding from the Estonian government.
- €1.3 million (£1.1 million) from various venture capital funds, including Verge HealthTech Fund, Tilia Impact Ventures, PurposeTech, and Estonian angel investors.
Investor Insights
Carl Nicholas, general partner at Verge HealthTech Fund, expressed:
“Lifeyear’s combination of clinical rigour and scalable technology makes it stand out. As a fund investing in impactful health tech start-ups globally, we’re excited to back a team poised to shape digital cardiovascular care.”
Future Plans
The funding reflects strong confidence in Lifeyear’s ability to make a significant impact on NHS cardiac care. Silke Horakova, general partner and co-founder at Tilia Impact Ventures, emphasized:
“The urgency for solutions like Lifeyear’s cannot be overstated. Their platform has the potential to ease the burden on healthcare systems while empowering patients to live healthier and potentially longer lives.”
Platform Features
Lifeyear’s platform aims to:
- Simplify remote patient monitoring and medication management.
- Provide smartphone-enabled heart care to patients.
- Reduce the need for face-to-face clinical visits and long waiting times.
Company Background
Founded by a team that combines UK clinical expertise with Estonian technological innovation, Lifeyear’s chief medical officer, Dr. Eleanor Wicks, is an NHS-trained cardiologist with over 20 years of experience.
Partnerships and Support
In 2023, Lifeyear joined TheHill’s NHS Market Access Accelerator, which aids health tech companies in navigating the NHS landscape. As part of this program, Oxford University Hospitals NHS Foundation Trust became a shareholder in Lifeyear.
Looking Ahead
The Lifeyear team plans to conduct clinical pilots this year at Oxford University Hospitals and with the Cardiomyopathy UK charity. They are also seeking UK grant funding and initiating a seed round to support their growth.