Announcing our Investment in Swift Medical
We are beyond excited to announce our investment in Swift Medical Inc, a company that is setting the new standard for wound care.
Wound care is a pervasive burden for the healthcare system that is fraught with poor patient outcomes and high costs to deliver appropriate care. These issues become less surprising when looking at the current industry standard for wound assessments where practitioners manually grade wounds by measuring size with a ruler and classifying drainage on a scale of ‘light’ to ‘heavy’.
Needless to say, current wound care protocols are manual, subjective and can induce immense pain on the patient. The lack of innovation in the field is quite shocking when you consider the fact that roughly 30% of patients in any healthcare setting have wounds and the US alone is estimated to spend up to $100B on wound care treatments. And the problem of effective wound care is only intensifying with the ever-increasing prevalence of chronic conditions that impede healing. Furthermore, healthcare providers are under intense pressure to improve patient outcomes due to the continual shift towards value-based-care models that reward care givers for making patients better and/or penalize poor treatments.
Enter Swift Medical, a company founded on the back of world-leading imaging technology that has implanted itself as the leading digital wound care management platform on the market today. A digital-first solution, Swift’s technology empowers bedside clinicians with an automatic wound measurement, tissue classification and prognosis assessment tooling. Healthcare administrators can ensure compliance with their wound care protocols across sites and gather real-time visibility into their wound care population. These benefits have led to proven, tangible ROI statistics across multiple studies, including a 48% reduction in time spent per visits, an 88% reduction in pressure injury and 300% faster healing rates. Swift is trusted by over 4,000 healthcare facilities. The company is just scratching the surface as it relates to the entire continuum of care.
We are humbled by the opportunity to support the incredible Swift team as they continue to scale their offering and push the boundaries on leading edge technologies that better support their clinician partners. Swift’s diverse founders and executive team embody the spirt of intelligence, integrity and passion. Although the team shies away from most accolades, two recent awards exemplify the quality of the personal and work environment more than we could attest to on our own – 2020 List of Best Workplaces in Healthcare and co-founder Dr. Sheila Wang receiving the Governor General Innovation Award.
Our investment in Swift Medical fits into our investment theme surrounding the shift towards ‘systems of insight’ and our expertise in helping scale innovative health-technologies. As part of the company’s $35M USD Series B funding round, we are proud to partner with lead investor Virgo Investment Group LLC, and others including: BDC Capital’s Women-in-Tech Fund, Chrysalis Ventures, Claritas Capital, Data Collective and Export Development Canada.
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