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New investment in Patients Know Best

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Patients Know Best, the patient-controlled online medical records system, has raised £3.5m of investment.

The round was led by Balderton Capital, one of Europe’s largest technology investors, with support from existing investor Maxfield Capital, a venture fund with a global footprint.

The secure online tool enables patients to better organise, manage and control access to their own healthcare records. It also saves the time of physicians and doctors by enabling secure online consultations, remote monitoring and shared care planning.

Dr Mohammad Al-Ubaydli, founder and CEO of Patients Know Best said: “We built Patients Know Best to treat patients the way we ourselves wanted to be treated – with the patient in control. What we proved over the last few years is that this is the best way for every patient to be treated.

“Patient control improves safety, raises quality, cuts costs and makes patients happier. Our customers across hospitals, pharmaceutical companies, local governments, non-profit patient organisations, social care providers and prisons all benefit from putting the patient in control.”

To date, Patients Know Best has customers in more than 60 medical institutions across seven countries, with Germany and Russia as the next markets to go live. The company already has staff in nine countries, and the investment will be used to hire more developers and clinicians to support global roll-out.

Patients Know Best is one of the first social enterprise businesses. As defined by B Corp, these companies treat the interests of employees, communities and environment as equal to those of shareholders.

Mark Evans, partner at Balderton Capital said: “We believe that digital healthcare starts with putting patients in control of the data. After years attempting to manage data from the top down, it is now clear that the only scalable model for sharing data across healthcare providers puts the patients at the centre.

“Patients Know Best have developed a patient-centric approach that is scalable across both national and international jurisdictions.”

Balderton Capital’s investment builds on a £1m investment led by Maxfield Capital in November 2014.

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