Medihive, Ireland’s health technology platform, which includes Webdoctor.ie, has secured an investment from ResMed, a digital health and cloud-connected medical device innovation, as well as existing shareholders including VentureWave Capital. The investment now values the business at €62m.
Medihive is a software company built to transform medical processes that don’t work so patients can benefit from healthcare that does work.
Software and clinical solutions
The business provides software and clinical solutions to the healthcare, pharmacy and insurance industries, as well as direct to consumers and corporates via www.webdoctor.ie. The company combines digital and clinical know-how to bring clients and their end users virtual care on a global scale.
The €7m investment will be used to further increase the international growth of the business, drive investment and innovation in R&D and accelerate healthcare software developments. The company currently employs 130 people and it is expected this number will now increase by a further 25 employees.
ResMed, whose cloud-connected medical devices transform care for people with sleep apnea, COPD and other chronic diseases, enabling people to live healthier lives, has been working with Medihive since 2019 and now joins as an investor.
ResMed Germany led deal negotiations on behalf of the organisation. As a result of their investment, ResMed will now take a seat on the board to work with the team to accelerate the growth of the business.
Additional capital
Separately, existing shareholders in Medihive have invested additional capital into the business. This follows the €3m investment in August 2021 by VentureWave Capital, the private equity firm that focuses on entrepreneurial companies that make a positive social impact, are in vital sectors and address UN Sustainable Development Goals.
Noel McSweeney, chairman of Medihive, said: “The investment from ResMed alongside the increased support from current shareholders demonstrates our shared passion for medical technology advancement and will allow Medihive and Webdoctor.ie to further expand and develop our services while continuing to provide transformative digital healthcare solutions.”
Katrin Pucknat, president of ResMed Germany, said: “At ResMed our mission is to change 250 million lives in 2025 in out-of-hospital care settings, and today’s announcement fits perfectly with that goal.
"Our work to date with Medihive has transformed the lives of our patients by making their care pathway less disjointed and allowing them to get diagnosed for sleep apnea outside of a hospital setting.
"ResMed places significant importance on innovation and this investment will enable both organisations to continue to be at the forefront of developments in healthcare technology.”
David Crimmins, CEO of MediHive, said: “Medihive builds solutions to deliver positive patient outcomes by removing friction from their care journeys. This investment now comes at a pivotal moment for Medihive.
"Over the last two and a half years demand for our services has surged as organisations realised they can achieve better patient outcomes by blending smart health technology with their traditional health infrastructures.
"This investment will enable us to continue meeting this demand while also allowing us to scale and expand our services in the continually evolving telehealth market both in Ireland and internationally.”