Medihive reaches valuation of €62m from ResMed investment

30 Jan 2023

VentureWave Capital chair Alan Foy and Medihive CEO David Crimmins. Image: Maxwell Photography

Medihive has received €7m from the latest funding round, which will help boost its international growth, expand its team and accelerate software development.

Medihive, the company behind the health-tech platform WebDoctor, has reached a new valuation of €62m following an investment from US medtech company ResMed.

The Irish medtech has received €7m from the funding round led by ResMed. Medihive CEO David Crimmins said existing shareholders such as VentureWave Capital also supported this round. In 2021, VentureWave Capital invested €3m into the company’s WebDoctor business.

Medihive provides a range of software and clinical services for its clients in healthcare, pharmacy and insurance.

The WebDoctor service, meanwhile, is used by consumers directly to attend virtual consultations. Doctors use the platform to automate booking and payment processes.

The company’s services such as WebDoctor saw a demand boost during the Covid-19 pandemic. Medihive said that to date more than 1.5m people use its services, while more than 3.5m bookings have been handled through its offerings.

The €7m investment will be used to boost the international growth of the business, expand its team by 25 and accelerate its healthcare software developments, RTÉ reports.

ResMed provides connected devices, masks and accessories for the treatment of sleep apnea. The US-headquartered medtech has a sensor technologies division based in Ireland.

Last August, ResMed announced a €30m investment to grow its Irish workforce by 70 over four years. The medtech opened a new R&D facility in Dublin’s Sandyford area as part of this expansion plan.

Medihive CEO David Crimmins said the company has worked with ResMed to help “remove friction from the care journey of their sleep apnea patients”.

“Getting an investment from such an amazing company is really a testament to the 120 people who work at Medihive to improve patient lives,” Crimmins said. “It is not often a company like ours can find a partner with such a strong cultural fit and that is what excites me most, as we embark on this journey.”

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Leigh Mc Gowran is a journalist with Silicon Republic