Talking Medicines, a Glasgow and London, UK-based social intelligence company for the pharmaceutical industry, raised £1.1m in funding.
Tern Plc, the investment company specialising in the Internet of Things (“IoT”), is the lead investor in the syndicated funding round alongside The Scottish Investment Bank, Scottish Enterprise’s investment arm.
The company intends to use the funds to launch and roll-out a new AI data platform and recruit 9 new employees to the NLP data tech team.
Led by CEO Jo Halliday alongside co-founders Dr Elizabeth Fairley and Dr Scott Crae, Talking Medicines provides a AI-based data technology platform for measuring patient sentiment. It uses a combination of Artificial Intelligence, Machine Learning and Natural Language Processing tech tools to capture and analyse the conversations and behaviours of patients at home, with the aim of transforming big pharma’s understanding of patient sentiment.
Through mapping the patient voice from social media and connected devices to regulated medicine information, Talking Medicines is able to build data points to determine trends and patterns of patient sentiment across medicines. This intelligence enables pharmaceutical companies to make patient centric marketing decisions, driving more effective medicines and marketing spend.
Talking Medicines has now raised £2.5 million to date, including three previous seed funding rounds with previous investors including impact investor SIS Ventures and the Scottish Investment Bank.