Digital Health Summit 2019

Click here to download the slides presented on the day

On 16 May we shared our research on the health tech sector and showcased leading entrepreneurs dedicated to evolving the patient journey.

From prevention and wellness to pre/post diagnosis, treatment and beyond, technology has a part to play in how we transform the services and products related to our race in birth, life and in death. Innovations across the sector have also led an extension of new offerings across ancillary industries such as insurance, data, property and consumer goods and services.

Following the digital patient journey we explored key players disrupting the space and the remaining areas we know are ripe for further innovation and adoption. See our write up on the day below!

Digital health is focus sector for Talis Capital, as we take smart money from our unique investor base to fund and fuel the companies of the future. Our definition of digital health is using technology to digitalise the patient journey with the aim of improving the delivery, payment and or consumption of care. At the Digital Health summit, in the inspiring Science Museum, we explored the aspects of prevention, diagnosis, treatment and data that are being fundamentally changed by technology.

This is a market that is growing rapidly and 2018 was the fourth consecutive year of increased investment.[1] Macroeconomic trends, including aging populations are driving increased spending in healthcare, while at the same time there is a global problem of patient demand outstripping supply of medics.

[1] StartUp Health Insights 2018 Review -

Martin Shen, President of Tencent Trusted Doctors,

Dr Shen gave a fascinating insight into the scale of the opportunity in China, where Tencent Trusted Doctors is the country’s largest integrated healthcare provider with 440,000 doctors. TTD’s mission is to leverage technology to provide high quality healthcare that is accessible and affordable to everyone. They want to improve access and bring the price down for example offering a full blood count for roughly £2. Although TTD confirmed has no plans to come to Europe, because the addressable market in China is simply so huge, the lessons it learns building an affordable hybrid system of healthcare in tech that incorporates online and offline aspects could be instructive for all markets. From vending machines from which patients can get testing kits to health kiosks that take vital signs, before video consultation with the doctor, there are many innovations that could improve delivery of primary care.

Prevention and Wellness panel

Demand (of patients) outstripping supply (of GPs) was a recurring theme of the event, the prevention and wellness panel considered ways through which people could take better care of themselves - ultimately avoiding recourse to overstretched primary care services.

Michael Heinrich, founder and CEO, of Oh My Green said that his scaling business, inspired by his German grandma’s organic garden, delivered healthy food to workplaces because the main way to improve poor health was through nutrition. Obesity, diabetes, stress and cardiovascular disease are the main killers in the US, with deaths from diabetes predicted to increase by 25% in working-age adults[1]. The cost of treating this nationally is expected to reach $4.2 trillion by 2023 unless something is done to prevent this. [2]

Physical health is not the only problem. Prolonged stress costs US businesses $300bn per annum and has been identified as the possible catalyst for many serious illnesses, both mental and physical[3]. By encouraging people to reduce their stress levels, Lavinia Ionita, Akesio co-founder and CEO, believes there could be major health benefits. Another company, Spill, helps employers offer their staff therapy-based solutions to life problems.

Pre- and post diagnosis panel

Primary care was described as the front line in the patient journey, made worse by a global shortage of health workers. Tools to help patients navigate this better or GPs organise their resources better were explored during this panel. Andrew Gardner, CEO of Doctorlink, said that within the NHS, patients and doctors were pushing the take-up of digital services. GPs are now having to look after more than 10,000 patients each, with 40% of these appointments deemed as unnecessary[4]. Technology that can shift patients to other care services or to self-care could have a huge impact on this resource problem. When it comes to staff shortages, technology can also help. Kheiron Technologies uses deep learning to assist radiologists to in reading mammograms. Another company developing tech to help diagnose conditions is Feebris. Using AI, it can bring expertise to isolated communities and identify diseases that are treatable. This is especially important since there is a global shortage of 7m health workers, ageing population, and 5 million yearly deaths of children under 5. [5][6] Your.MD is helping patients manage their own health better. The app helps patients find their route to self-care, thereby alleviating the burden of people making non-essential GP visits. Another tech company dedicated to managing overstretched resources is Lantum, which works closely with the NHS, having been identified early on to join an NHS Innovation accelerator.

Data, insurance and security panel

Underlying the entire journey is the opportunity for data to unlock new efficiencies and insights. Rinicare is a Manchester-based start-up which analyses the 15m pieces of data a day that are recorded for each patient in intensive care. By collecting and processing this data, it’s possible to predict post-surgical complications before they happen. With some predicting a 300% growth in healthcare data between 2017 and 2020[7], it’s clear that we are entering a new era of health monitoring. With huge increases in data, the need for security is greater. Dave Palmer, head of technology at Darktrace, said healthcare and hospitals were certainly under threat from cyber-attacks and breaches, a problem that is likely to worsen as we increasingly move towards cloud solutions. Healthcare is a big target because it has out of date systems and tiny IT teams.

Using technology to anticipate problems was a recurring theme of the day. Stephanie Eltz, is CEO of Doctify, a website where patients can search and book doctors. Insurance companies want to use technology to provide a better experience for customers but also want to begin analysing the data that is collected from wearables and IoT devices.

Having the computing power to analyse the terrabytes of data that could be relevant to a patients’ health will continue to be a challenge. Cambridge-headquartered Congenica is working with the UK’s pivotal 100,000 Genomes project, as well as China’s 100k Wellness Pioneer Project on this. The company has raised $23m and is developing a platform to analyse the vast amounts of data that come from mapping the genome.


Continuing this theme of using technology to improve the digital patient journey, the following companies are pioneering in this $200bn market.[8] Medbelle is the first end-to-end digital hospital, operating in the UK’s self-pay market. Current Health captures data insights to monitor patients at home, post operation and is working mainly in the US. Using that data set, it can predict who is at risk. Digital Surgery is developing a data structure that makes it possible to measure the surgical process, compare it and work out which is the best way to operate on particular types of patient. This information can then be used to train surgeons. The company’s first product, Touch Surgery, provides 2.5m users with 150+ online training simulations. Meanwhile Oviva is a startup that is working on preventative healthcare, by changing patient behaviour to prevent diabetes. This is a pressing issue since the cost of treating diabetes is expected to rise to £13.5bn over 15 years.[9] Mark Jenkins, co-founder and MD predicted that in five years, 90% of diabetes care would be digital.

From Life to Death

From managing your reproductive health to funeral services, delivered digitally, we discussed the healthcare journey from life to death, as well as taboos surrounding death and euthanasia. This discussion was about each of us taking shared ownership and responsibility of how healthtech can be used across all phases of our lives. The panellists were a diverse mix from the consumer demanding better knowledge and information about funeral services e.g Beyond or the desire of consumers to take control of their health through informed, preventative care with Adia Health and Health & Her. The use of sensors and technology in looking after an aging population was covered by OxeHealth, which makes sensors that measure vital signs in a non-invasive way and Elder, which is a platform that provides live-in care for loved ones.

Ian Strang, founder and CEO of Beyond - a modern digital brand which helps people find funeral services - described how people are rejecting the traditional funeral product and moving towards more of a “celebration of life” offering highly curated and bespoke choices.

Investor panel

In 2018 VC funding in Digital Health reached almost $15bn.[10] Each investor on the panel including Northzone, Anthemis, Invoke, Draper Esprit and Talis Capital provided their views on why now could be a good time to be investing in the sector. Even for investors not specifically focused on healthcare there are key indicators they look at to assess value. These include the quality of the team, the total addressable market, the unit economics, traction and the ability to execute with leading technology is there.

The US is taking the lead in digital health investment but 4 of the top 5 digital health deals outside the US were in China, one in Canada and the UK isn’t too far behind.

It’s an exciting time for ventures focused on using technology to disrupt this colossal sector and we can’t wait to see the changes that are inevitably going to shift the whole industry into new realms.

[10] StartUp Health Insights 2018 Review -

Guest Blog for Silicon Roundabout - Raising VC Investment; How to increase your odds!

Talis Capital were invited to write for the Silicon Roundabout blog originally published here.

Vasile Foca, Co Founder & Managing Partner, Talis Capital

Talis has backed some amazing companies since 2009  - including Darktrace, Luminance, Reevoo, Onfido and Iwoca - and we’ve seen thousands of companies come through our door. Right now, we have a portfolio of around 40 or so innovators who we think could have real global potential. To get to term sheet stage, we have to be laser-focused on ensuring there is a world class team, the market opportunity is there, that it’s the right timing and stage and of course that there is traction and demand for the technology the startup is building.

If you’re a founder, here are the points you must consider when raising venture capital

1.       Is VC funding the right path?

·       Getting Angel/ seed funding is not the same as getting VC funding

·       Start-ups need to know the metrics for venture rounds and ensure they can achieve it

·       Funding rounds are usually 12-18 months apart

·       Question is – do you believe you can grow 100%+ every year for another 3-4 years? Do you believe that you have the right team and product for that?  If the answer is yes – than go for it.

2.       Communicating the value – making the pitch deck work

·       Most pitches detail current solution, traction and features

·       Fundraising decks should have slides to cover 9 key points:

Problem –Total Addressable Market – Solution – Go2market – Team – Traction – Unit Economics – Competition – Funding

3.       Find the right VC to pitch to

·       Define which funding stage your business is at (Pre-seed, seed, Seed Plus, Series A – C)

·       Do research on the chosen funds using tools such as Crunchbase, Pitchbook, Dealroom

·       Try to bring in a Tier 1 VC, as your chance of getting a top tier next round investor is much higher (do not just take money from angels who may offer better valuation and terms – this is short sighted)

·       Understand the metrics VCs are looking for, for your size and stage of business

·       Identify a shortlist of investors active in your sector and stage

·       It’s best to connect through a mutual contact in the network–  if that’s not feasible do try to engage and leverage your expertise by trying to discuss your ideas and how they fit with the target’s interests

·       It’s recommended to have more than 1 VC in the round as you get additional help & network effects from a wider base

4.       Timing & Valuations

·       Timing of the raise

  • Factor at least 6-9 months for the raise

  • Build a relationship 12-18 months before the raise

  • Do not start a conversation demanding a close in 3-4 weeks

  • Founders are always in fund-raising mode -  build relationships early with investors and find a way to accommodate them - don’t wait until you really need their capital.

·       Valuation

  • This is a sensitive subject and you need to get the balance right: price too high and there is a risk that the next round is impossible to achieve at a larger valuation – yet so called “down rounds” are very damaging.

5.       Competition

  • Do proper research of the competitors

  • Create a mapping table with key features critical to solving pain points – how do you stack up against the competitors?

  • Avoid the cliche Quadrant Competitive landscape table where start-ups put their companies in the top right corner – it’s obvious, overused and mostly incorrect.

  • Choose 4-6 well thought-through competitors and compare all strengths and weaknesses



Product Features/ KPIs

product features.jpg





6.       WHY are you doing this?


  • If there is no passion for the sector or space from you and your start-up, we would struggle to say yes to the deal.

  • This is a long journey with highs and lows and if you are not passionate about your mission we would fear that you won’t perform.

  • The equity story must be convincing, delivered with real conviction – as an investor we want to believe in you, the raison d’etre and the why behind it all.


Talis Capital Limited (“Talis”) is an appointed representative of Privium Fund Management (UK) Limited (“Privium”). Privium is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). The investment services of Talis are only available to professional clients and eligible counterparties for the purposes of the FCA’s rules. They are not available to retail clients. Past performance is not a guide to future performance and any capital invested is at risk.

Medbelle: a remedy to count on

Medbelle is Talis Capital’s first investment in healthtech and we are very proud to be joining signals Venture Capital, Mutschler Ventures, IBB and Cavalry Ventures in contributing to the Berlin-based company’s $7m Series A fundraise.

As my colleague Beatrice has explained in great detail, in a two-part blog, digital disruption of  healthcare is well underway, particularly here in the UK. We see healthtech as a key sector for future investment and within that very broad sector, we have identified several sub-verticals as ripe for transformation including telemedicine and digital hospitals.

Medbelle is a digital hospital that fits exactly into that thesis. It offers services through a digital platform that has the potential to both improve the patient experience dramatically, as well as create much-needed efficiencies in the way services and procedures are provided.

Medbelle offers self-pay customers a way to find and connect with doctors, putting them in control of their care. So far, c.800 procedures have been booked through Medbelle - a number which is expected to soar as it begins to expand its offer.

Patients can book their procedure through Medbelle, which provides them with leading specialists and state-of-the-art operating facilities. All of the organisation is taken care of by the platform. Interactions between the patient and their support team take place between a single simple web portal and app.

All of this is revolutionary from the point of view of the patient. Navigating private health care can be tricky and prospective patients can often feel overwhelmed, even deterred, by the sheer number of specialists out there and the complexity of the subject, and need to get it right.

One of the themes that we at Talis Capital see across many verticals is information overload and the increasing desire from consumers for expert advice and guidance. People are daunted by the huge range of choice the internet puts at their fingertips - especially in complex fields like healthcare - and we are seeing a shift from aggregation - you could see as the Amazon or Ebay model - to curation. (In travel, this is a key theme and the reason we invested in The Plum Guide.)

In Medbelle the platform can educate the patient, explain the procedure, connect them with the right surgeon and book the operation. There is transparency around pricing - no need for essential costs to be overlooked - and the whole patient journey, from consultation to post-procedure check ups, can be managed.

From a provider point of view, Medbelle also provides a new way to maximise expensive facilities. It can help to utilize underused operating theatres and make sure highly-trained surgeons use their time well.

Medbelle is solving pain points on both sides of the patient journey.

To achieve this, the German-founded company is devoted to attracting the top echelon of doctors and specialists. For instance, all its surgeons are Fellows of the Royal College of Surgeons and registered as a specialist in the General Medical Council amongst a number of other qualifications, which means that patients can be assured that they are in safe hands.

We truly believe that this will be a groundbreaking service in patient care. From a start in the self-pay market, it has the potential to accelerate growth, especially with increasing opportunities to work with the NHS and health insurers.

Which brings us to the co-founders of Medbelle - Daniel Kolb and Leander de Laporte. They’re both great entrepreneurs with a passion for creating a truly innovative healthcare business.

IMG_3376-1200x800 (1).png

Leander saw it in first person looking at the doctors in his own family, and understood the problem of inefficiencies from a doctor and a patient perspective.

We were convinced of both their business case and their capability to do it. The fact that they had track-record scaling startups, was doubly reassuring.

Sometimes it takes 12 months or even longer to be sure that you want to invest in a company. Having researched the digital health sector for over 2 years - we know the types of companies we’re looking for. We found and invested in Medbelle in a very short time and have real conviction as well as great excitement in the deal.

Medbelle may be our first investment in health tech but we are certain we are in safe hands!


How Technology is Fixing the Broken Patient Journey pt ii

How Technology is Fixing the Broken Patient Journey pt ii

A digital disruption of the healthcare sector - Part II

To recap, in Part I of this blog post I reviewed how inefficient the healthcare sector today is and provided an overview of the specific areas that are ripe for disruption.

In this second and concluding part I’ll reveal some of the companies who are redefining the sector and what tools they’ve brought to market to transform the digital patient journey. From prevention to detection, to treatment and monitoring, the digital health space is very broad. After months of research we’ve only just scratched the surface and that’s what makes the sector so interesting for me. Healthcare as we know it has entered a real revolution which is super exciting, so here’s my pick of the subsectors, the innovations and pioneers leading the change.   


Consumer Apps

There’s almost an infinite number of health-related consumer apps on the market, spanning a broad range of subsectors: general wellness, fitness, sleep, fertility, DNA, microbiome, nutrition. Often, they are matched with a relatively low-cost hardware device or testing kit.

Digital health is promoting the move to a more preventative focus, rather than a treatment-led approach to patients. I am thrilled by the prospect of people having the power to manage their own health and be in control of their health data.

Application Cancer
“Research suggests that only five percent of cancers are hereditary. That means the non-inherited causes of cancer — the lifestyle choices we make, the foods we eat, and our physical activity levels — have a direct impact on our overall cancer risk” (1) it’s truly inspiring to think of the positive consequences on lives, public spending and the pressures on the sector if we were able to reduce cancer cases, simply by using apps on our phones.

Application - Fertility
“Around 1 in 7 couples globally have difficulty conceiving: this is 3.5 million people in the UK(2).” Fertility solutions and femtech in general presents a huge opportunity. It’s an intricate subsector which has been navigating many lifestyle trends including better awareness of conditions, the confidence to discuss problems and cultural shifts like more women choosing to have a family in their late thirties or forties.

Key Considerations:

  • Every human is intrinsically a little lazy. Despite the current growing trends on prevention, incorporating a B2B2C strategy is advised, ensuring lower CAC.

  • The testing itself will get commoditised. It’s the insights and recommendations that are extracted from raw data that present the real monetisation opportunity.

Ones to watch in apps

Consumer Wearables and Connected Sensors

This category sometimes overlaps with the Consumer Apps, but I interpret it as less preventative and more focussed on tracking metrics in the post-diagnostics stage.

These devices tackle the important issue of distance from point of care and address the real need of patients to be monitored post diagnosis. They are definitely in the painkiller/must-have category rather than in vitamins/nice-to-have one.

Key Considerations:

  • Tech giants e.g Apple with their newly FDA-approved heartbeat tracking watch need to be monitored closely

  • Also, the space is crowded with incumbent medical device companies holding significant market share and with deep pockets (Roche, etc.)

  • Patent your device. Build a defensible software around it. Avoid the word “hardware” at all costs in VC conversations

Ones to watch in wearables & sensors

Patient Information Collection Tools

Did you know that clinical trials last on average 7.5 years and cost pharma companies up to $2 billion? It is a huge market valued at $65 billion in 2018 (3).

Clinical trials are costly and it’s extremely difficult to find the correct sample of patients. It is also a must-have in the industry because clinical trials obviously contribute towards finding a cure to serious illnesses.

Key Considerations:

  • The use and protection of data is a delicate matter. Some platforms are focussed on giving data back in the hands of patients, who receive a “salary” for disclosing their personal metrics to pharma groups

Ones to watch in patient information and tools

Telemedicine and Digital Hospitals

Telemedicine is obviously revolutionary, given the average time to get an appointment with a GP in the UK can be in the weeks’ range.

These platforms solve the distance from point of care issue and increase time efficiency and revenue for doctors. The primary care sector has been historically very well-funded, while the platforms for secondary care (generalists and specialists) will present a great opportunity for venture capitalists (hello high AOV!).

Key Considerations:

  • Have always a patient-first approach. This represents the real treatment stage, and there’s no margin for mistakes

Ones to watch in telemedicine and digital hospitals

Connected Virtual Assistants

We all know Amazon Echo, Google Home etc. The sector is risky for young start-ups and crowded with powerful tech incumbents. Google is also planning to serve seniors through Nest, helping them to live independently or as long as possible.

However, there are new types of assistants that are emerging in the market and represent an exciting opportunity:

  1. Gamified fitness products that fit into the wellness space

  2. Powerful machine learning software aiding doctors in detecting cancer and abnormal cells

Ones to watch in virtual assistants

Health data-hubs

These companies help overcome the fragmentation of health information, which can affect patients’ care when it leads to lack of communication and coordination. More information leads to more accurate therapies which can be tailored to each individual and contribute to a patient-centric system. In addition, given the data sensitivity issue, there is perfect applicability for blockchain projects.

A few of these companies are:, which allows individuals to collect and own all their health data onto their platform, Repositive, which holds the biggest collection of cancer models in the world, and, whose intent is developing the world’s largest DNA data and healthcare services platform powered by blockchain technology.


The digital patient journey is complex and touches many verticals not covered in this blog series. There are workflow collaboration tools, innovations in the healthcare insurance space, respiratory care, diabetes management, and many more sub-verticals we’ve been exploring.

Traditional healthcare is being disrupted at each point of the value chain and whilst there will be winners and losers, I’m excited to be part of the process and watch closely how technology will bring more efficiency, increased accuracy in diagnosis, better treatment and quality of life for patients worldwide.

Keen to hear more of our research in this space?

Join us on 16 May for our half day Digital Health Summit hosted at Illuminate, Science Museum.

Reserve your place now.

Beatrice Aliprandi - Senior Analyst - @bealiprandi   

Beatrice joined Talis Capital in 2018 after spending three years working at Jefferies in their Investment Banking division, where she has been involved in several transactions primarily in the Technology, Media and Telecoms space with a combined value of c.$4 billion.

Beatrice holds a MSc in Risk and Finance from The London School of Economics and a BSc in Business Administration from Bocconi University. She speaks three languages and loves travelling, mindful meditation and wine tasting.

(1)    Prevent Cancer Foundation: 
(2)    NHS Website: 
(3)    CB Insight: The Future Of Clinical Trials: How AI & Big Tech Could Make Drug Development Cheaper, Faster, & More Effective

Ÿnsect, alternative protein and the road to sustainability

By Matus Maar, Managing Partner, & Beatrice Aliprandi,  Senior Analyst, at Talis Capital.

Alongside climate change, water scarcity, urban and oceanic pollution, the issue of how to sustainably feed a global population - predicted to surge by two billion people by 2050 - is one of the great existential problems of our age. With the demand for protein set to rise inexorably, and the worldwide search for alternative protein sources for feed and fertilizers intensifying as a result, something has to give in a global food system which is already over-stretched and plagued by waste and inefficiencies.

It’s not often as investors that we encounter entrepreneurs grappling with societal problems of this magnitude. However, our introduction, by impact investor Eric Archambeau, to Antoine Hubert, the CEO and co-founder of Ÿnsect was one such instance. Ÿnsect  is a pioneering ag-tech company which specializes in breeding insects and transforming them into premium ingredients for fish feed, pet food and organic plant fertilizers. Based in Paris, the company draws on proprietary technology - protected by 25 patents - to develop "farm-hills" (Fermilières®), which are low-footprint vertical farms used for Molitor or mealworm breeding.

On a tour of Ÿnsect’s first factory last  summer, the company’s vision and ambition was plain to see – this is a team entirely focused on making a meaningful difference not only to the way food is produced worldwide, but also in the creation of a sustainable food system. In particular there were four factors which led us to join Ÿnsect’s $125m (€110m) Series C round, which is  announced today.

First is the fish protein market itself. Around half of the fish we eat today is farmed. But fishmeal, the primary food source for farmed fish, comes from dwindling ocean fish stocks under severe duress due to decades of overfishing – with one study even projecting that global fish stocks will collapse by the midpoint of the century. Reducing reliance on fishmeal, is therefore a crucial component of Ÿnsect’s mission. And it’s a huge market; the animal feed market, as a whole, is estimated to be worth $500bn globally, and it’s growing.

As part of their natural diet wild fish and crustaceans eat insects -- an important source of high quality protein and polyunsaturated fats. But while Ÿnsect’s competitors chose to farm other species, Antoine and his team picked the Molitor, which are small, common beetles known as mealworms.

In their research, they found that Molitor/mealworm protein outperforms every other variety of insect for fish or animal feed. Due to the fact that Molitor larvae can be grown in the dark and consume very little water, the production process itself is both energy efficient and highly scalable. There’s very little water waste and because the ultimate product is 72% protein, it is proven to be highly effective as fish feed or for pet nutrition.

‘Proven health benefits’

The Molitor has been shown to be the only insect so far that can be raised at mass-scale and can also deliver Ÿnsect’s unique products: in particular, ŸnMeal, extracted from Molitor larvae, which offers sustainable, premium nutrition for animals, with superior and proven nutritional performance and health benefits for – among others -- shrimp, salmon, trout, and sea-bass.

Ÿnsect’s next major differentiator is their proprietary and patented technology. Many companies talk a good game by using words like AI, machine learning and robotics, when often their connection to those technologies is tenuous at best. By contrast, Ÿnsect’s 3,000 square metre vertical farm uses end-to-end automation and is highly efficient. Robotic arms, for example, shift the larvae from one area to the next, while machine learning underpins the entire production process, including gauging the larvae’s levels of maturity to know when they are ready to be moved. Human involvement is largely confined to oversight and quality control.

All of those factors combined – from the size of the market opportunity, to the unique product itself and Ÿnsect’s patented technology, the experience of the founding team in their respective fields and the urgency of the problem they’re addressing – give us deep conviction that Antoine and his team could be the global winners in this space.

And this is just the start. While there’s a huge opportunity in acquaculture from a sustainability standpoint, an even bigger market awaits the company: namely, cattle and livestock. One of the world’s most inefficient, wasteful and polluting sectors, intensive pastoral farming is still mired in questionable practices, particularly around animal feed.

That’s for another day, of course. But in the meantime, as concerns grow about the sustainability and impact of the food we eat – and with the entire journey from farm to fork under unprecedented scrutiny – it’s clear to us that alternative protein of the variety that Ÿnsect has mastered, will prove transformative. Not just for animal and plant feed – but the future of our planet itself.

Read the full press release for the Ÿnsect fundraise here




How Technology is Fixing the Broken Patient Journey

How Technology is Fixing the Broken Patient Journey

A digital disruption of the healthcare sector - pt i

The global healthcare sector is notorious for being expensive and inefficient with traditional providers struggling to cope with modern day industry dynamics. In this two-part blog series Beatrice Aliprandi shares her research and views on a broken healthcare sector and how technological innovation is serving up the true remedy.

Part 1
Key challenges faced by the healthcare sector today are:

  • Aging and growing population

  • A system focussed on treatment rather than prevention/health maintenance

  • Minimal penetration of new technologies

  • A bureaucratic sector, sluggish in reacting to change

The healthcare sector desperately needs a technological revelation to help digitalise the patient’s journey, bringing with it; efficiencies, automation and a focus on prevention rather than adhoc treatment.
— Beatrice Aliprandi

As well as these general industry developments, there are specific healthcare challenges in the UK alone. The over-65 UK population is estimated to reach 25% by 2044, compared to 14% just 40 years ago. NHS public spending represented 30% of the UK budget in 2015-2016 (more than £125 billion), compared to 11% in 1955-56(2). These trends combined are putting significant pressure on the UK health service rendering their care unsustainable in the long term. The UK is not alone with most European countries are also battling with similar issues.

Life Expectancy of World Population in 1800, 1950 and 2012(1)

Life Expectancy of World Population in 1800, 1950 and 2012(1)

As population increases and ages, it is natural to ask ourselves if there will be healthcare resources to meet the growing demand? In the majority of Western Europe there are between 30 to 40 physicians per 10,000 population, dropping to 20-30 in the UK and in the US, with significant uncertainty as to whether this proportion will be maintained in the future as the population evolves.

Global distribution of the health workforce (per 10,000 population)(3)

Global distribution of the health workforce (per 10,000 population)(3)

The healthcare sector desperately needs a technological revelation to help digitalise the patient’s journey, bringing with it; efficiencies, automation and a focus on prevention rather than adhoc treatment.

McKinsey Global Institute industry digitalisation index (4)

McKinsey Global Institute industry digitalisation index (4)

From a funding perspective, volumes are strong with $3.4 billion invested in digital health just in the first half of 2018(5), but the sector has been lagging behind other more mature technology subsectors, with 75% of funding rounds concentrated at Seed to Series B stage. This also clearly proves there is a growing opportunity for Venture Capital firms funding early stage innovations.

A significant amount of my time has gone into mapping out the sector, meeting brilliant and passionate entrepreneurs and reading research. The sector is broad and innovations are in their infancy at each stage of the patient’s journey:


In turn, there are several tools addressing each of the above stages:

1.       Consumer apps

2.       Consumer wearables and connected sensors

3.       Patient information collection tools

4.       Telemedicine

5.       Connected virtual assistants

6.       Health records data-hub

For each category of tools addressing stages of the patient journey, I have gathered my thoughts, pros and cons, and best investment strategies, which I will reveal in Part 2 of this blog (stay tuned)!

In summary traditional healthcare cannot sustain current spending patterns and volumes. There is a critical need to create more efficiencies and focus on prevention rather than disease treatment. Despite the macro pressures and industry specific challenges, there is a huge untapped opportunity in the health-tech sector leaving a blank canvas to savvy and passionate entrepreneurs who can genuinely add value and take the sector to the next level.

It’s an exciting time for the sector and it’s easy to get drawn into these innovation offerings, so to sufficiently evaluate the opportunity- here are my 5 Top Tips for those looking at start-ups in this space;

Beatrice Aliprandi - Senior Analyst - @bealiprandi   

Beatrice joined Talis Capital in 2018 after spending three years working at Jefferies in their Investment Banking division, where she has been involved in several transactions primarily in the Technology, Media and Telecoms space with a combined value of c.$4 billion.

Beatrice holds a MSc in Risk and Finance from The London School of Economics and a BSc in Business Administration from Bocconi University. She speaks three languages and loves travelling, mindful meditation and wine tasting.

(1)    Life expectancy data from, interactive data visualisation at; CBInsight: “Healthcare in 2025, 2035”
(2)    BBC: “10 charts that show why the NHS is in trouble” (8 Feb 2017); data from ONS
(3)    World Health Statistics 2010; CBInsight: “Healthcare in 2025, 2035”
(4)    Mckinsey Global Institute: Digital America: a Tale of the Haves and Have-Mores (December 2015)
(5)    RockHealth: 2018 Midyear Funding Review (July 2018)


PropTech Conference 2018

Thank you to all our speakers & guests for making the conference a real success! Please find the follow up materials, photos and our views below.

Global research shows both innovation and fundraising dedicated to innovation in Real Estate is in significant growth.[1] PropTech is entering into a new wave, becoming more mainstream, better understood and therefore easier to attribute real value. Talis Capital has made a number of investments in both PropTech as well as other software solutions with property market applications. On 16 Nov 2018 Talis Capital hosted their conference as a platform to discuss how technology, innovation and digitalisation are transforming Real Estate and the world we live in.

Real Estate is valued globally at around $229 trillion a figure which exceeds the global value of equities and securitized debt by $79 trillion. We are seeing explosive investment growth as Global Investment in PropTech start ups tripled from 2016 to 2017, rising to $12.6 billion from $4.2 billion1.

Across the world in 2017 we saw the rise of Megadeals in real estate technology from the likes of WeWork, Compass and Offerpad in the US to China with Xiaozhu and the UK with LendInvest & Nested[2]. Who have mostly gone on to raise significant rounds this year e.g SoftBank’s $3bn investment into WeWork, Lendinvest’s $40m pre IPO round and $120m for Nested from debt finance as well as equity cheques from Balderton & Northzone[3].

Property is one of the largest asset classes in the world and covers a broad range of subsectors. New entrants into the market are taking advantage of revolutionising how players interact along the real estate chain - focusing on curation, financing, ownership, autonomy, AI and big data to maximise yields, capitalise on efficiencies and create new products and services.

We see real opportunity in the sector and look forward to continuing to invest in exciting technologies in this space as well as helping our current PropTech companies to scale.

Click here to download the slides and research presented and the programme brochure.

[1] Source: MetaPropGlobal proptech confidence index
[2] Source: Real Estate Tech Annual Report 2017
[3] Source: Pitchbook 2018

Talis take on venture opportunities in Cyber Security, PropTech and InsuranceTech

Cyber Security

While many segments of the technology market are driven by reducing inefficiencies, automating processes and increasing productivity, cybersecurity spending is driven by cybercrime. We have reached unrivalled levels of cyber attacks which are in turn generating a huge number of opportunities in the space:

Cyber Security is now one of the fastest growing areas of Venture Capital thanks to the billions spent on cyber-security annually and the constant stream of major hacks and leaks hitting the headlines

Cyber Security Funding 2013-2017 : Source: CB Insights

Cyber Security Funding 2013-2017 : Source: CB Insights

The depth and breadth of the cyber security market is now so vast, the potential of identifying the next wave of start-up success becomes ever more challenging

Cyber Security 1.png

Talis has identified several segments of the cyber security market that are poised for significant growth:

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Property is one of the biggest asset classes and is considered to have one of the lowest risk profiles. Technology is now disrupting the dynamics of this industry and generating higher yields

Prop-Tech Annual Global Financing History 2013 -2017 : Source: CB Insights

Prop-Tech Annual Global Financing History 2013 -2017 : Source: CB Insights

A number of trends in property are emerging:

  • The demand for flexible working space is creating a new breed of property-companies which are pushing up property valuations they take over and providing op-co opportunities

  • Long lease rentals have been preferable due to the hassle of short-term leasing. Technology now facilitates easy, efficient and high-yield short-lease rentals

  • Technology innovation allows dis-used / rundown property to be re-purposed cheaply, without changing its use - generating high returns (Currently 500 hectares of empty or under-utilised industrial land across London alone – the equivalent to 750 football pitches)

As a result, investors are pouring money into prop-tech start-ups:

The Proptech market is now expansive: Early application of technology in property revolved around the most visible uses: automating manual processes, improving work efficiency and web-enabled marketing. Recent trends – the sharing economy, crowdfunding, uber-isation, social media and mobile are developing entire new segments within it:

PropCyber Security is now one of the fastest growing areas of Venture Capital thanks to the billions spent on cyber-security annually and the constant stream of major hacks and leaks hitting the headlinestech 2.jpg

The Talis team has identified several buoyant areas of the proptech market that are brimming with confidence and have a wealth of innovative startups:



The incumbent insurance industry is rife with old, legacy, labour intensive companies. Insurance is undergoing a monumental shift –A fifth of European consumers stated they would buy banking or insurance services from companies like Facebook, Google, Amazon or Apple. (Fujitsu, 2016 survey)

Tech companies including Google are significantly increasing their investments and partnerships in insurance, showing the desire to enter and dominate this old conservative industry

Insurance-Tech Annual Global Financing History 2013 - 2017 : Source: CB Insights

Insurance-Tech Annual Global Financing History 2013 - 2017 : Source: CB Insights