Maxfield Capital, a venture fund operating globally from its offices in Moscow, New York City and Tel Aviv, has invested $1.7 million in Patients Know Best, a British company which has designed a cloud platform for managing patient details.
Patients have an account with the site, which h holds all of their medical records. They can access their account and grant access to the various medical institutions which are involved in their treatment.
The Patients Know Best service can be integrated with a hospital’s computer systems without them needing to make any additional modifications, and shares information with them via an encrypted channel. The service can also be used via a mobile app, allowing prescriptions, test results etc. to be accessed on the move.
Patients suffering from chronic or long-term illnesses often have to attend a number of different clinics, which makes accessing their medical history more difficult. This can affect the quality of their treatment. With the help of Patients Know Best any doctor or medical institution can access the necessary information. This was the case with Patients Know Best’s founder Dr Mohammad Al’Ubaiydli, whose treatment for a rare genetic condition was the inspiration to create the project. In fact, the service is already being used by 40 hospitals in the UK, two clinics in Australia and three pharmaceutical companies.
“Our interest in this company isn’t just about the praise they have received from experts and regulators in Britain, but also about what they have achieved and the experienced team at the helm,” said Alexander Lazarev, parner at Maxfield Capital.
“This isn’t our first investment in e-health. We have been playing close attention to this sector as companies like Patients Know Best can really improve both people’s health and quality of life. At Maxfield Capital we try and get companies to combine their efforts, getting to know each other and sharing their experience. I’m certain that this knowledge and expertise will also be hugely beneficial to our Russian companies,” Lazarev added.
In research carried out this year by Microsoft, on behalf of the UK Department of Health, Patients Know Best was recognised as a market leader in handling personal medical data. According to a survey carried out by the US Department of Health and Social Security, more than 70% of respondents would like medical institutions to be able to share their information with one another.
Accenture has valued the global market in electronic medical data systems at $15 billion, with the UK market alone being valued at $400 million.
Maxfield Capital launched last year with Russian businessman Viktor Vekselberg – the owner the Renova Group and the President of the Skolkovo Foundation – as its main LP. The fund is managed by former Skolkovo IT cluster director Alexander Turkot, along with Oleg Koujikov and Alexander Lazarev – three high tech professionals with strong background in Silicon Valley, Israel, and Russia.
The fund’s first investments went essentially to international companies at various stages based in the USA, Israel and Russia.
