electronRx one of East England’s most innovative early-stage tech companies
Tech Nation has today announced the 5 East of England Regional Winners of its fourth Rising Stars competition, which recognises the brightest and best early-stage tech scaleups from every area of the UK. In total, 55 fast-growing tech companies from across the UK have been named this year’s Regional Winners - 5 within each UK region. Previous years’ Rising Stars Regional Winners have included Selazar (from Northern Ireland), Circa5000 (from the North West) and SeedLegals (from London), who have received a combined £33.79mn in investment to date, demonstrating the ability of the Rising Stars Regional Winners to scale quickly, and their potential to become the UK’s tech ‘unicorns’ (companies with valuations of $1bn+) of the future.
These Regional Winners have been selected by a panel of over 50 judges (industry experts with extensive experience in starting and scaling tech businesses) based on their value proposition, competitive advantage, market traction, team experience and potential to scale.
This year’s East of England Regional Winners are electronRx, Arete Medical Technologies, HR DataHub, MYNDUP and Fintellity. These companies, which hail from Cambridge, Houghton Conquest, Epping and Ely, are working to transform a range of different industries, including healthtech, HRtech and fintech, and have an average of 8 employees.
electronRx
electronRx is a deep tech company of interdisciplinary scientists and engineers paving the way for personalised digital medicine through the development of novel chronic disease management solutions. Their proprietary machine learning algorithms harness sensors readily available in a standard smartphone to extract medical-grade heart, lung and vascular health insights with no additional wearables or devices needed. By building this functionality into electronRx's highly-engaging symptom and lifestyle tracking app, they are improving treatment adherence for chronic disease patients and providing monitoring nurses and physicians with the holistic insight they need to make care decisions confidently from a distance, while also increasing reimbursement opportunities across virtual care.
UK Secretary of State for Digital Nadine Dorries said: "These technology Rising Stars are helping us solve some of the greatest challenges of our time and creating high-quality and well-paid jobs up and down the country. Capitalising on the huge potential of tech is a crucial part of our mission to level up and we are backing businesses with pro-innovation policies and supporting people to get the skills they need to thrive."
Dr Bipin Patel, CEO and Founder at electronRx, said: “We are delighted to be recognised as a Rising Stars Regional Winner in a region with such fierce competition as Cambridge; one of the world’s leading tech hubs full of companies who, like us, are working on the cutting-edge of deep tech discovery and innovation to solve big global problems. The chronic disease epidemic is crippling our healthcare systems with no signs of abating. Our scalable disease management tools are transforming how we deliver healthcare and treat these conditions, enabling a shift from reactive to proactive care. We have a fast-growing, world-class team ready to further capitalise on the renewed appetite for digital health technologies post-COVID to skyrocket our success and improve quality of life for chronic disease patients across the globe in 2022.”
Tech in the East of England is growing
The success of these early-stage companies reflects the strength and fast growth of the East of England’s tech market overall.
According to data from Tech Nation, the East of England is now home to 12 tech ‘unicorns’ (companies valued at over $1bn), up from 5 in 2020, and 2 tech ‘decacorns’ (companies valued at over $10bn).
The tech sector in the East of England has received $2.3bn in VC investment funding this year, as of November 2021 (a 162% increase on the $878mn received in 2020).
Tech job creation is also growing rapidly in the East of England, rising by 494% in the past year (from 53,343 tech roles in 2020 to 317,074 in H1 of 2021).
This year’s Rising Stars Regional Winners are accelerating the tech sector across the UK
This year’s Regional Winners demonstrate that the tech sector is growing quickly across all corners of the UK.
An impressive 69% of the 55 Regional Winners are generating revenue, and 38% have at least one female founder. 27% of the Regional Finalists are Pre-Seed, 29% have no previous rounds of funding, and 36% are Seed funded. As for what’s next, 49% of the Regional Finalists are looking for Seed Funding, while 34% are looking to raise Series A.
The 55 Regional Winners are a mixture of B2B and B2C and 49% have previously attended an accelerator. 73% of the Regional Winners plan to expand internationally in the next 12 months, with 58% wanting to expand into the USA.
Rising Stars’ mission
Going forward, these 5 promising, fast-growth tech companies from the East of England will continue to be supported by the UK tech ecosystem as they are inducted into the Tech Nation alumni network.
Recognising and empowering all of the Regional Winners of the Rising Stars competition is at the core of Tech Nation’s mission to fuel the growth of tech scaleups who are helping us create a stronger economy, society and future.
