Beats Med­i­cal out to raise €3m for next phase of busi­ness-to-busi­ness growth

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Gavin Mclough­lin

CIARA Clancy’s Beats Med­i­cal is seek­ing to raise €3m in Se­ries A fund­ing.

The com­pany — seen as one of Ire­land’s most promis­ing startups — would use the money to help fuel the busi­ness-to-busi­ness (B2B) as­pect of its model.

Beats Med­i­cal makes a smart­phone app that pro­vides ther­a­pies for peo­ple with Parkin­son’s dis­ease and other neu­ro­log­i­cal con­di­tions.

It is avail­able di­rectly to cus­tomers for €1 a day but sell­ing it di­rectly to hos­pi­tal groups is likely to en­able it to reach more peo­ple more quickly.

“The B2B al­lows us to have much more sig­nif­i­cant im­pact in a much more rapid way. In a sense it’s also much more ac­ces­si­ble for in­di­vid­u­als as well. If it’s cov­ered by their in­surer or their ma­jor hos­pi­tal scheme, you can have thou­sands of peo­ple com­ing in to the same hos­pi­tal group, get­ting on the sys­tem and off they go,” said Clancy — a phys­io­ther­a­pist by train­ing — in an in­ter­view with the Sun­day In­de­pen­dent.

“It is a po­ten­tially more sus­tain­able model for an im­pact busi­ness to be B2B.”

Clancy — one of the young up­com­ing en­trepreneurs recog­nised in this year’s Sun­day In­de­pen­dent ‘30 un­der 30’ said there has been a marked in­crease in the up­take of dig­i­tal health prod­ucts in the last year or so.

“Beats Med­i­cal didn’t look like a pill. It didn’t look like how you treat Parkin­son’s dis­ease. We had peo­ple with Parkin­son’s who this was help­ing who said: ‘Don’t make us wait for the HSE to cover it, we want this now.’

“So we started sell­ing direct to cus­tomers and now we have users in 44 coun­tries through that sell­ing. But hospitals and in­sur­ers, par­tic­u­larly across the States, are em­brac­ing dig­i­tal health like never be­fore in the last 12 months.”

Beats has been backed by a num­ber of an­gel in­vestors in­clud­ing tele­coms en­tre­pre­neur Sean Melly and phar­ma­cist Sam Mccauley.

Ciara Clancy, the founder of Beats Med­i­cal, says a B2B model for the busi­ness is po­ten­tially more sus­tain­able

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