Time for Medicine, a spinout of University Hospital of Wales in Cardiff, is looking to raise £300,000 ($462,290) to develop its cloud-based remote diagnosis programme.
Currently standing at £135,000 with 41 days remaining, the medtech spinout is offering 9.2% equity to investors through the Syndicate Room crowdfunding platform. To date, it has raised £1.7m from angel investors.
Time is looking to reduce the need for outpatient appointments through its cloud offering, which costs the National Health Service £20bn per year and makes up 20% of its overall budget.
Clive Minihan, managing director at Time, said: “We’ve created a secure platform that sits in the cloud and links patients and doctors. If you go to a GP and are referred to a specialist, you’ll likely be waiting months for an appointment and when you get one the first thing you’ll be asked is your medical information. The majority of people seen by specialists have similar conditions and around three-quarters could be diagnosed with just the information, without having to see the patient. With the rest, most of the appointment times are still taken up collecting information. In the most extreme cases, patients can die on the waiting list.”
