INDEPENDENT venture capital investors Albion Ventures and Scottish Equity Partners (SEP) have invested a total of £3.2 million in health technology company Exco InTouch, which has grown revenues by 66 per cent over the last year.
SEP were the founder investors in Exco, which focuses on electronic patient-reported outcomes and patient-engagement software, and they remain its largest shareholder.
Exco was founded in 2004 and uses patients' own mobile devices to help show benefits of medical treatments with a view to keeping healthcare affordable. It has now engaged with more than 900,000 patients in 88 countries, and its clients include 16 of the top 20 pharmaceutical companies.
Andrew Elder, a partner at Albion, said the financing is an "exciting new investment" for the venture-capital business and marks its fifth in healthcare IT companies.
Exco chief executive Tim Davis, who founded the business, said: "With the experience, strategic direction and active support of both Albion and SEP, we look forward to entering a new phase of growth."
SEP partner Jan Rutherford praised Exco, and said: "We have been investors in the company since its early days, and this financing will enable further operational development as the company moves towards significant and sustained revenue growth."
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