Ultramed: Product Development Support Grant
WHO ARE ULTRAMED?
Ultramed is a fast growing, Cornish Health-Tech business that is rapidly shaking things up in the healthcare sector. Led by Dr. Paul Upton, former NHS anaesthetist and Medical Director at the Royal Cornwall Hospitals NHS Trust, Ultramed places innovation and a first-class patient experience at the forefront of its business.
WHAT’S THE INNOVATION?
By creating the pioneering app, MyPreOp, Ultramed are enabling patients to complete their preoperative assessment online using their smartphone, computer or other compatible device. MyPreOp puts the control of the patient’s data back into the palms of the individual themselves, reducing the time nurses have to spend asking the questions we already have the answers to and allowing them to concentrate on clinical decision making.
WHY ARE THEY DOING IT?
With over 10million procedures carried out each year in the UK alone, Ultramed’s revolutionary solution has the potential to save the NHS £65 million per year. What’s more, there’s potential benefits for the end user too. With 24/7 access via the cloud-hosted app, from anywhere with an internet connection, patients could potentially complete their preoperative assessment from the comfort of their own homes, whilst at work or even on holiday – reducing the need to visit the hospital at all.
WHAT HAVE THEY ACHIEVED SO FAR?
When the business was first established in 2014, Ultramed was a small start-up with big aspirations of breaking into the Health-Tech Market. Today, Ultramed employs a four strong workforce and boasts over 4,000 patients having successfully used MyPreOp in commercial trials within the NHS. Most recently, Ultramed received national recognition after being one of just five companies chosen to represent the South West on the prestigious Digital Health Accelerator programme, which provides 12 months of support and aims to fast track the implementation of their new technology into the NHS. Their MyPreOp app was also awarded ‘Software of the Year 2018’ at the South West Digital Awards and Buzz Interactive, their developers, took home the title.
Other notable awards and achievements, include: the 2018 Medilink South West Healthcare Business Award for outstanding achievement (their third Medilink award over the last few years), the 2018 Federation of Small Businesses Award for ‘Micro Business of the Year’ and the 2016 Cornwall Business Award for ‘Business Innovation of the Year’.
WHAT BUSINESS SUPPORT HAVE THEY RECEIVED?
In the beginning, Ultramed was funded by its co-founders, Dr. Paul Upton and Alan Sanders, followed by angel investors and a highly successful Crowdcube fundraiser back in 2017. This early funding helped with establishing the legal structure of the company including obtaining trademarks and design registrations to protect the Intellectual Property of the program and development work.
“As a new business, we’ve secured a range of funding, including a successful Crowdcube campaign to cover our operational costs. The Innovation Fund came at the right time for us and fitted perfectly with what we needed to achieve to move forward with the development of the programs.” Operations Manager at Ultramed Elise Worrall.
More recently, Ultramed have received business support and grants from the University of Plymouth led projects: Acceleration Through Innovation (ATI) and EPIC. In addition to a number of hours of business innovation advice and mentoring from the ATI team, Ultramed was awarded an ATI grant which has contributed towards the innovative development of the software carried out by Buzz Interactive.
As a result of this collaborative approach to supporting, funding and growing innovative businesses, Ultramed are now placed much more competitively in the market and are further ahead than any of their known competitors, with a lot of interest across the UK and internationally – we wish them all the very best in the future.
For more information, visit: https://aticornwallinnovation.co.uk/2018/09/16/investing-to-innovate/