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Helix Health's €5m Shot in the Arm

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DateFriday, April 15, 2011

Helix Health's €5m Shot in the Arm

Investment From The Ulster Bank Diageo Venture Fund will Further Enable Drive for Export Sales and R&D




HELIX_HEALTH_Howard_Beggs_&_John_Dolan_NCB_Ventures.pngThe Irish healthcare software firm Helix Health has become the latest technology company to benefit by equity funding from The Ulster Bank Diageo Venture Fund. The €5 million funding will be used to drive export sales and to facilitate further investment in R&D projects.



Helix Health was established in 2007 as a result of the merger between Systems Solutions and Medicom, and provides software, hardware, and robotic automated dispensing machines to over over 10,000 Irish and UK healthcare professionals including pharmacists and general practitioners. The company also supplies a range of IT solutions including online backup and security solutions and self-check in and examination pods.



Helix Health says it is continuing to grow its market share in the UK and will use part of the funding for market expansion, including  two active partnerships in the United Arab Emirates and Kuwait.



Commenting on the announcement Howard Beggs, CEO, Helix Health said: "This investment by The Ulster Bank Diageo Venture Fund is a very significant step in the growth story of Helix Health. It will facilitate further investment in our products to support local and international expansion. At the very core of the Helix Health agenda is the enhancement of patient care through technology and delivering efficiencies to clinicians and healthcare providers.


"The funding and NCB Ventures' commitment to the business will help us realise our ambition to bring Helix Health global, and it speaks to the potential for this business to grow through the delivery of the best-in class technology solutions."



The €75 million Ulster Bank Diageo Venture Fund which is managed by NCB Ventures, was established in 2008 under the Enterprise Ireland Seed and Venture Capital Programme 2007-2012, and invests between €1m and €5 million in Irish companies across a range of sectors and all stages of development.



To date, it has invested in AMCS, TERMINALFOUR, Xtra-vision, Zamano, HeyStaks, Ferfics, Gridstore and brite:bill. Helix Health becomes the ninth company to receive funding, and the first of 2011.


John Dolan, Partner with NCB Ventures, said: "Helix is a great example of an indigenous Irish company that has through its commitment to R&D developed an impressive range of market leading technology solutions for the primary healthcare sector. There is a global healthcare trend towards the co-ordinated provision of healthcare services at a primary care level between GPs, pharmacies and care homes. Shared information technology will be central to this trend and Helix is ideally placed in this regard. We're delighted to be investing in an Irish company which combines world class software solutions with a strong management team capable of realising its ambitious growth plans."



Beggs concluded by saying Helix Health has highly dedicated R&D team focused on incremental and transformational innovation within the healthcare sector. "We were for example the first healthcare company to bring robotics to the Irish pharmacy market and are currently developing cutting-edge cloud computing applications and piloting an Electronic Transfer of Prescriptions (E.T.P.) system in Ireland."










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