Galway-based healthcare systems group MedyTrak, whose backers include solicitor and property developer Noel Smyth, is planning to raise up to €5 million to expand its business.
MedyTrak was founded by Galway-based businessman Tom O’Connor during the Covid-19 pandemic to streamline healthcare workflows and to improve patient-clinician connectivity using digital tools.
The company has developed a patient monitoring/patient information gathering system and is reporting increased time efficiencies and enhanced patient engagement and monitoring as a result of ongoing trials.
The company is led by chief executive Pat Lawless, a former vice-president of research and development at Avaya; senior medical director Dr Dermot Canavan; and medical director Dr Shastri Persad. Mr Smyth became a director of the business in 2023.
Dr Canavan and Dr Persad are also active MedyTrak users in their respective areas of chronic pain, chronic disease management and post minor surgery monitoring.
To date, the company has raised €350,000 internally with Mr Smyth a key investor. It is now seeking to raise another €1 million to secure its growth ambitions, with a further round of fundraising of €4 million also planned.
The money raised to date has been used to fund patient trials, the generation of a scalable SaaS platform, the establishment of a hub, recruitment and the implementation of a sales and marketing plan.
Future investments will provide for full AI enablement, consult summaries, analytics, AI multimodal questionnaires, electronic health record integrations and regulatory compliance.
Commenting on MedyTrak’s business model, Mr O’Connor said: “MedyTrak works in two ways. Firstly, it allows the patient to securely record their progress under a series of headings designed by the clinician, for example pain, mood, mobility and medication usage.
“Secondly, it provides the clinician with easy access to a detailed view of how the patient is doing – informing them of any changes of concern and facilitating clinical intervention if required.
“The MedyTrak system also increases GP/consultant productivity by gathering key information in advance.”
