Quintech is a consumer-led mobile medical app and biodata company. It leverages the experience of people with insulin-treated diabetes to co-create machine learning algorithms that provide personalised self-care guidance and advance diabetes research.
It’s in the growth stage and Cyndi Williams – its founder – talks to BLM about her experiences of taking on investment.
You are currently trying to secure investment into the business – can you elaborate on this? Are you looking to take on debt or equity?
We’ve already raised £1.3m in grants and equity financing from committed and experienced angel investors.
We’re now looking to raise another £2m in equity financing to launch our product in the UK and Europe and enter the US.
How have you found this process? What have been the challenges?
Finding visionary and patient investors who are up for a journey like ours is our biggest fundraising challenge.
Many of the traditional life sciences investors are patient, but they’re still working out how to evaluate digital-only medical device companies like ours.
They often evaluate us using general tech investor criteria, such as paying customers and revenue, but if you’re doing deep R&D like we are, those milestones are further off than they are for a food delivery or ride-sharing app. On the other hand, the general tech investors often think we’re taking too long, and they don’t like the perceived risk of medical device regulatory compliance.
Companies like ours sort of fall between two stools – too much science and R&D for tech investors, and too digital for life sciences investors.