Bristol-based, tech-focused investment bank ICON Corporate Finance has acted as exclusive financial adviser to a leading provider of Artificial Intelligence to the UK healthcare industry in a £6.2m scale-up funding round.
Founded in 2017, London-based RwHealth’s platform combines AI machine learning and data science to give healthcare providers access to data which can aid their decision-making. 
Its platform has been used to help UK hospitals combat bed shortages and tackle waiting list issues caused by the pandemic.
The investment from Maven VC, which has an office in Bristol, and London-based Guinness Asset Management will be used primarily to scale RwHealth’s sales and marketing operations and to aid its ambitious expansion plans.
It will also enable the business to further develop its AI and data-led solutions which are increasingly embraced by NHS trusts, private healthcare providers and major pharmaceutical companies.
The funding follows RwHealth achieving year-on-year growth of 160%. It works with more than 40 providers in the UK and internationally and its AI technology has processed more than 10.5m patients in the UK and a further 5.5m across the Middle East and Australia.
RwHealth’s success mirrors the wider growth of AI in healthcare, as stakeholders across the health ecosystem try to find new ways to increase efficiency, save money and deliver optimised clinical outcomes at speed.
In September 2020, NHSX, the organisation driving the digital transformation of health and social care, announced a £250m investment into injecting more AI technology into UK healthcare. 
ICON partner Eddie Harding, who advised RwHealth on the deal, said: “We are delighted to have helped the RwHealth team achieve this latest funding milestone and believe strongly in their mission of providing advanced data solutions and innovative technology to improve human health.
“As the importance of AI developments in healthcare continues to grow, we look forward to helping RwHealth build on their work with industry partners to increase efficiency and deliver optimised clinical outcomes at pace.”
RwHealth CEO Orlando Agrippa, pictured, added: “A big thank you to Eddie and the team at ICON for their support. The raise will support our work with UK and US healthcare partners, helping us to provide deeper clinical care technologies, while supporting post-pandemic recovery efforts with our AI data science platform.”
The transaction further highlights ICON’s global track record in AI, Data Analytics and HealthTech.
Recent deals completed by ICON in these areas include the sale of Optimum Contact to IQVIA, the Strategic investment by Moody’s into ClimateTech Data flood provider Fathom, the funding of Mosaic Smart Data co-led by CommerzVentures, Octopus Ventures & JP Morgan, and the sale of Clinical Computing to Quantitative Medical Systems.
