Mincoffs advises on £1m investment into ART Health Solutions15/05/2023
Mincoffs’ corporate team has advised an ambitious, Newcastle-based wellbeing and performance company on a recent £1m investment into the business.
ART Health Solutions, which was founded by Dr Phill Bell and Dr Paul Smith, combines a scientific approach to workplace wellbeing with pioneering AI technology to deliver evidence-based feedback and insight.
The business’s One Wellbeing app assesses employees’ cognitive performance and physical welfare through data collected from wearable technology, which is then used to drive tailored wellbeing support and advice to employee users, whilst anonymised and aggregated insight is presented back to the client.
Not only does this provide individuals, with personalised solutions based on their needs, but it also delivers their employers an accurate overview of how the workplace impacts their staff and where this can be improved.
The latest funding from the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia, follows an initial £800,000 investment in January 2022 which helped the company develop its product and carry out initial trials.
Phill and Paul previously worked with sports stars such as Chris Froome, Rory McIlroy, Jensen Button and the England rugby team, before moving into consultancy work with large corporates.
Dr Phill Bell, CEO at ART Health Solutions, said: “We’re absolutely delighted that Mercia and the North East Venture Fund have backed up their initial funding round with this further injection of capital, demonstrating their commitment to us as a business and their confidence in our ability to deliver both shareholder and client value.
“Ultimately the extra capital will support the business in scaling our products throughout the UK and beyond.”
Corporate partner Luke Philpott advised the team on the investment and said: “It was a pleasure to work closely with Phill and Paul on this latest transaction.
“This is a significant investment which will enable the business to progress into the next stage of scaling its services, in turn creating a number of jobs.
“It has been fantastic to support ART Health Solutions as the team has developed the One Wellbeing app into the force it has become today and I look forward to working together in the future as the business continues to grow.”