Friday, June 14, 2024

Syndi Health Raises $2m to Personalise Digital Health Support Provided By Employers, Insurers and Healthcare Providers

  • The digital health market has been flooded with over 350,000 services that sought to lower barriers to care but have now created an overwhelming ecosystem that is hard for people to navigate
  • Syndi Health’s platform enables healthcare and insurance organisations to drive adoption and engagement of third-party wellbeing apps and telemedicine services through an AI recommendation and payment system, fully personalised to individual users.
  • The over-subscribed pre-seed round included angel investors Damien Marmion, Ex-CEO of AXA Global Health, Phil Mohr and Puli Liyanagama, Founders of DataTiger (acquired by Apple), and Baron O’Shaughnessy, one of the UK’s leading policy advisors.

Syndi Health, a startup providing a digital infrastructure to offer personalised and effective digital health support within organisations, has raised £1.65 million (USD $2 million), in equity and grant funding. The investment comes from some of the most influential names in the UK’s health, technology and insurance sectors and Innovate UK, the national innovation agency. 

Syndi Health’s mission is to make digital healthcare affordable, accessible and smarter through the use of artificial intelligence. The company has built an AI platform that enables healthcare and insurance organisations to drive adoption and engagement of third-party wellbeing apps and telemedicine services, which can be personalised to individual users. 

The digital healthcare market is flooded. There are over 350,000 wellbeing apps, telemedicine and digital therapeutics available direct to consumers and $145bn is spent annually on point-of-care digital health services. With such a large pool of online options to choose from, it’s no wonder consumers and their employers are overwhelmed with the ecosystem. 

Syndi Health offers a new complementary and expedited route to support that can guide patients earlier in their health journey and decrease extensive backlogs on healthcare waiting lists.

NHS now estimates that a staggering 1.6 million people are waiting for treatment from mental health services. For the growing numbers of people seeking mental and physical health support, even with direction from a clinician, the chances of them finding the solution that best fits their particular needs, without the stress of a trial and error process, are slim.

Syndi Health founders, Ben Lakey and Jorge Alexander, built the platform after finding themselves waiting over 10 months to access mental health support. 

Ben Lakey, the Co-founder of Syndi Health, said, “We began Syndi Health knowing that we didn’t want to add more noise in the digital health market. Instead, we wanted to help healthcare organisations and insurers offer people a way to forge their own clear and safe path to digital care. As co-founders we’ve both experienced the frustration of not being given support early enough, and wanted to make fixing this problem easier. Our passionate team is building a globally impactful product and business that will bring structure to the chaotic digital health market. So far we have had overwhelmingly positive feedback from users, have secured partnerships with over 40 digital health services, and have an extensive pipeline of licensing customers.

”Syndi Health first launched their solution with student platforms in November 2020, and successfully onboarded more than 20,000 users from over 1,300 different schools, universities and colleges in the UK and the US. The business is now targeting employers, healthcare providers and insurers and has just signed a pilot contract with one of the largest healthcare charities in the UK.

The pre-seed funds will be used to continue building the platform, grow the Syndi Health team and accelerate its B2B customer growth. Syndi Health will execute its pilots with both public and private healthcare providers and employee benefit programmes to grow its user base and capture additional clinical evidence. Professor Rohit Shankar MBE FRCPsych, Clinical Director at Cornwall Partnership NHS Trust said, “We are very excited by the research and commercial potential of the Syndi Health platform. It will help us understand how better to support the mental health needs of our people and offer them the personalised digital support they need at the earliest opportunity, which is invaluable.

”The oversubscribed pre-seed round included Plug and Play, Remus Capital, Neo Kuma Ventures, Founders Factory, and Syndicate Room’s Access Fund. A roster of leading angel investors also participated including Damien Marmion, former CEO of AXA Global Health; Phil Mohr and Puli Liyanagama, founders of DataTiger (acquired by Apple); Baron James O’Shaughnessy, former Minister at the Department for Health and Social Care; Roland Rudd, founder and chairman of public relations firm Finsbury; David Giampaolo, CEO of Pi Capital; Jacob Haddad, co-founder and CEO of AccuRx; Stephen Bourke, healthtech entrepreneur and founder of e-pharmacy Echo (acquired by McKesson).

In addition to the investment, Syndi Health have won a £400,000 ($500,000 USD) grant from Innovate UK as part of their Biomedical Catalyst programme, in collaboration with the University of Plymouth and Cornwall Partnership NHS Foundation Trust. The funding from the grant will be used to validate the Syndi Health platform within the NHS over the next 18 months.

Damien Marmion, former CEO of AXA Global Health, said, “Ben, Jorge and the rest of the Syndi Health team have found a way to develop an impactful product that offers remote, immediate and effective digital care. The platform is one that employers, individuals and insurers have long looked for – a smart one-stop-shop for digital health services, that monitors real-world impact and facilitates point-of-care solutions. It is a refreshing and much-needed approach to healthcare and I am excited by the impact on populations and customers that I have spent my career serving.”

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