London’s Closed Loop Medicine that develops drug plus digital therapy closes £13M funding

London-based Closed Loop Medicine is one of the UK’s leading pioneers in digital/therapeutic medicine. The company just announced that it has closed £13 million in a new Series A investment round that came from a slew of top UK and European VC investors.

The oversubscribed funding round was led by Ananda Impact Ventures and BGF, joined by a strong syndicate of investors including LifeArc, Longwall, Meltwind, IQ Capital, Downing Ventures and Cambridge Angels. With this round, the total investment raised by the company accounts for over £22 million.

The proceeds from the round has been raised to finance its personalised drug plus digital therapy (DTx) combination products that are being developed to enhance outcomes for patients and clinicians via precision dosing. Furthermore, the investment will fund further platform and product development. Also, the financing will accelerate the development, registration and commercialisation of its platform and precision dosing products.

Hakim Yadi, CEO and co-founder at Closed Loop Medicine, said: ‘‘This financing enables Closed Loop Medicine to take the next step towards creating a new standard for the future of care for patients with long term conditions. Until now, precision medicine has only been applied to a handful of medical conditions. However, the ability to combine ‘Software as a Medical Device’, as a DTx, delivering behavioural therapy integrated with drug therapy, as a single prescription, is ushering in a new chapter in tailored medicine and care.”

Lennart Hergel, Ananda Impact Ventures, commented “Closed Loop Medicine’s models of care will generate significant impact for individuals, who would have otherwise received standardised treatment, through better outcomes and addition to quality of life. At a systemic impact level, this approach promises to radically and impactfully change the capacity and performance of healthcare systems for the whole population’s benefit.”

Tim Rea, investor at BGF, commented: “We have backed Closed Loop Medicine since February 2020 and are delighted to be supporting the next stage of the company’s growth journey. The team have pioneered a revolutionary approach to combining drug and digital therapies to offer more personalised care pathways for patients and clinicians. We look forward to continuing to work with the management team, as they respond to the growing market need for new digital models of healthcare.”

Click here to read the full article.