Talking Medicines secures £1.1 million funding deal
by Startacus Admin
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Talking Medicines, the social intelligence company for the pharmaceutical industry, raises £1.1 million funding deal to scale up its AI-based data technology platform for measuring patient sentiment
Good news for Talking Medicines, the world’s first social intelligence company for the pharmaceutical industry, with the announcement that it has received a major boost with a £1.1 million funding deal to scale up its AI-based data technology platform for measuring patient sentiment.
Tern Plc, the investment company specialising in the Internet of Things (“IoT”), is the lead investor in a syndicated funding round of £1,100,000 alongside The Scottish Investment Bank, Scottish Enterprise’s investment arm.
Led by CEO Jo Halliday alongside co-founders Dr Elizabeth Fairley and Dr Scott Crae, Talking Medicines will use the funds to support the launch and roll-out of a new AI data platform, which will translate what patients are saying into actionable pharma grade intelligence by providing a global patient confidence score by medicine. As part of these plans, the business intends to immediately recruit 9 new employees to the NLP data tech team.
Glasgow-based Talking Medicines uses a combination of Artificial Intelligence, Machine Learning and Natural Language Processing tech tools to capture and analyse the conversations and behaviours of patients at home, with the aim of transforming big pharma’s understanding of patient sentiment.
Through mapping the patient voice from social media and connected devices to regulated medicine information, Talking Medicines is able to build data points to determine trends and patterns of patient sentiment across medicines. This intelligence enables pharmaceutical companies to make patient centric marketing decisions, driving more effective medicines and marketing spend.
Real-time, compliant intelligence can replace traditional focus groups, prescriber reports and clinical target patient profiles to tell pharmaceutical companies who is using their medicines, how, and what they really think of their brands.
Talking Medicines has now raised £2.5 million to date and since launching 7 years ago, the business has scooped a number of accolades for its innovative approach including winning Rising Stars 2.0, a competition to select the rising stars of UK tech.
Talking Medicines CEO, Jo Halliday, said: “We are delighted that Tern is joining our investor group, and Al Sisto will be bringing his wealth of experience to the Board. Now more than ever we passionately believe that big pharma needs a systematic way to make data driven decisions through accessing high grade social intelligence driven from the patient.”
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Published on: 4th November 2020
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