Wanda Connected Health, a British-backed provider of remote patient monitoring technology, has raised £860,000 as it looks to build on a year of brisk commercial progress in the United States.
The funding round was led by EMV Capital Partners, part of EMV Capital (AIM:EMVC), which already supports the business through its venture-building arm. The cash mix includes £600,000 in new equity and a £260,000 loan facility. A further £600,000 came in through the exercise of warrants.
Wanda plans to use the money to speed up work with major customers in the US, advance product development and push ahead with its commercial strategy.
Remote patient monitoring involves tracking people with long-term illnesses outside hospitals or clinics, using devices, apps and data analysis to spot problems early.
After the raise, EMV Capital holds 16.5%, valued at £1.7 million. That is up from £1.5 million at the end of June.
Third-party assets under management introduced by EMV Capital Partners now account for 29.6% of Wanda, valued at about £3.1 million, compared with £2.1 million in June. The figures exclude any convertible loan instruments.
Commercial progress
Wanda says it has benefited from rising interest among US health plans, employers and pharmacy benefit managers trying to contain the growing cost of treating chronic diseases. These include conditions such as diabetes and heart disease that require continuous management and account for most US healthcare spending.
The company has launched a programme to support people using GLP-1 weight-loss drugs, rolled out an updated cardiometabolic mobile app, and added what it calls an Insights Engine, an analytics layer that turns incoming data into guidance for clinicians and users.
According to the update, Wanda has beaten much larger rivals to secure several multi-million-dollar contracts and has recorded double-digit monthly growth. It expects to surpass $5 million in annual recurring revenue by the end of 2026.
Tom Smith, the chief executive, presented the outlook at EMV Capital’s recent portfolio event, where the full briefing and Q&A were made available.
Wider market backdrop
Remote patient monitoring is a fast-expanding industry. One research firm forecasts a global market of roughly $110.7 billion by 2033, growing at nearly 20% a year.
In the US, GLP-1 drugs, a class of injectable treatments originally designed for diabetes but now widely used for weight loss, cost more than $10,000 per person each year on average. Wanda argues that digital monitoring tools can help manage these expenses by improving adherence and reducing complications.
New chair appointed
Wanda has also named Michael Steel as chair. Steel founded Greenbrook Healthcare, which provides urgent care services to the NHS, and built it into a business with more than £40 million in annual revenue and over 700 staff. He will work with the leadership team to support commercial execution and new partnerships.
Dr Ilian Iliev, chief executive of EMV Capital and Wanda’s investment director, said: “We are very pleased to see Wanda complete this fundraise at a time when demand for sustainable virtual-care solutions is rising sharply across the US healthcare market.
"Over the past year, Wanda has demonstrated strong commercial traction, a clear value proposition for payers, and the ability to compete successfully against major market leaders.”