Update (31 January 2020): Offer closed
Please note, this offer has now reached capacity. Any applications already submitted will be processed on a first come, first served basis.
Notice to investors
We have come across this EIS offer arranged by West Hill Capital, a respected private equity and venture capital firm, with which we have collaborated in the past.
It's an opportunity to invest in Visionable, which has developed what it believes to be the first video collaboration platform for healthcare.
The offer has already attracted significant interest from West Hill’s own investors and is expected to reach its fundraising target soon.
Due to its limited capacity we have not reviewed the offer details and produced a research report, as we normally do for single-company deals.
Please read the offer documents carefully to form your own view and ensure you wholly understand the potential benefits and risks.
The current offer was originally to raise up to £6 million. Due to investor demand, the company has now approved an overallotment of £2 million (30 Sep). Applications will be handled on a first come, first served basis.
The minimum investment through Wealth Club is £22,500 (normally £50,175) and you can apply online. Please note, as part of the application you will be asked to complete your investor registration forms for West Hill to become an elective professional client of West Hill.
The summary reproduced below is from West Hill Capital. It doesn't reflect the views of Wealth Club. We have not reviewed its content. You should read it alongside the offer document and form your own view as an experienced investor. Please remember there are no guarantees. This is an illiquid and high-risk speculative investment: capital is at risk.
West Hill Capital’s offer overview
“We are absolutely delighted to offer the opportunity to invest in Visionable, the provider of a real-time multi-media SaaS platform to the NHS that has been statistically proven to be able to save thousands of lives each year. Visionable currently provides its clinical collaboration platform to over 100 NHS organisations including Great Ormond Street, Chelsea and Westminster, Imperial, London North West and Royal Surrey.
Co-founded by Lord Adebowale, former board member of NHS England, the fully patented technology allows clinical teams to consult with each other and with patients all over the country, across an unlimited number of devices, instantaneously, securely and in pixel-for-pixel quality. This unique capability enables it to be used for assessing medical images including CT, X-Ray and MRI scans linking the patient to specialist consultants in order to get the best possible treatment.
The software can be deployed across a range of services and is now being used in ambulances allowing paramedics to immediately link patients to a specialist consultant for assessment. Effectively Visionable is transforming ambulances into mobile A&E facilities by enabling paramedics to connect instantly to critical care team expertise. This minimises unnecessary A&E admissions and affords all patients equal access to the best care available. In a separate initiative, hundreds of stroke patients have benefited by accessing immediately the required medication which has been prescribed remotely by a stroke specialist utilising Visionable’s platform.
As an approved technology supplier to the NHS, Visionable has achieved a 100% closing rate with the NHS organisations it has approached. In addition, the Company has signed reseller agreements with Telefonica and Verizon, who sell the SaaS service in other verticals (not healthcare) such as education and e-commerce. Examples include fashion company ASOS which uses the system for virtual fitting rooms and Oxford and Cambridge University which use the software to enable distance learning. Verizon markets the platform to its existing enterprise customers including the BBC, Bupa, AstraZeneca and Aviva.
In its first expansion overseas, Visionable is now being trialled by Mount Sinai Health System in New York, one of the largest hospital networks in North America. As well as the US, India and other jurisdictions are now being approached, which has been made possible by Visionable's work to date with the NHS which is viewed as a strong endorsement of the product for healthcare providers globally.
In conjunction with the NHS, the Company is currently developing NHS One in West Kent that will offer a state-of-the-art healthcare command centre where expertise can be deployed to patients whenever and wherever they need it. The Directors believe this will be the first of its kind in the world and will act as a showcase of the Company’s products and skills to other potential customers internationally.
The range of functionality available from Visionable is unique to the Company and protected by a suite of 29 patents.
- The software can operate on existing infrastructure and legacy systems – no extra hardware cost for users
- A single ecosystem for all communication needs
- Scalability – any number of connected devices, with users across the spectrum of healthcare (eg. GP surgeries, pharmacies, surgical theatres, ICU, hospital wards)
- Connects directly to existing medical imaging equipment
- Ease of use – minimal training required
- Low cost of ownership – £3.12 per user per month
- Wearable devices and Smart Ambulance integration – where time is a crucial factor in saving lives
- Simultaneous streaming of all data feeds – numerous sources of data streamed to consultants and clinicians for real-time assessment
“What differentiates Visionable from its competitors is the simplicity of use backed up by a depth of capability that far exceeds anything that I have seen so far.” Mark Large, Former Chair of London NHS CIO Council and Former CIO for Great Ormond Street
Visionable is led by a group of highly experienced healthcare and technology professionals, including Chairman and co-founder Lord Victor Adobewale. The Board understands intricately what makes the NHS tick and what can be done to make it more efficient, improve patient care, and at the same time save the organisation £millions each year by providing a more effective and modernised service.
On the assumption that the Company continues to meet its objectives within the NHS and is successful in further penetration of international markets, when comparing the implied revenues and profitability the Company could be achieving by then with comparable companies, investors could potentially achieve a 28x return on investment after 2023. Visionable management has recently stated the Company is already on course to exceed the 2019/20 forecasts. Please note; returns and timeframes are not guaranteed, capital is at risk.
Visionable is backed by UK, European and US based investors and the current £6 million EIS round led by West Hill is being offered to all existing shareholders, many of which are subscribing on the current round.
“Visionable’s technology allowed multiple-site, multiple-image conferencing and has transformed the way clinical meetings are held.” Fiona Bonas, Former Director North West London Cancer Network
West Hill Capital LLP, Becket House, 36 Old Jewry, London, EC2R 8DD
Fees and charges
Investors are investing in the Company directly so will pay no direct initial or ongoing charges. West Hill will pay an introducer fee of 3.3% to Wealth Club.
Risks – important
This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice.
EIS / SEIS investments are high-risk so should only form part of a balanced portfolio and you should not invest money you cannot afford to lose. They also tend to be illiquid and hard to sell and value. Before you invest, please carefully read the Risks and Commitments and the offer documents to ensure you fully understand the risks.
Tax rules can change and benefits depend on circumstances.
This is a single company EIS offer with no diversification. It involves investing in an early-stage business which is by nature high risk and prone to failure.
Wealth Club aims to make it easier for experienced investors to find information on – and apply for – tax-efficient investments. You should base your investment decision on the provider's documents and ensure you have read and fully understand them before investing. This review is a marketing communication. It is not advice or a personal or research recommendation to buy the investment mentioned. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.
- Single company
- Healthcare & Technology
- Target return
- Funds raised / sought
- £8.0 million / £8.0 million
- Minimum investment