09 March 2022
Exeter-based business Spatial Quotient, which creates tech for hospitals and healthcare, successfully applied for a £210,000 working capital loan to help it fulfil new contracts. The current team of 7 will expand to create 21 new jobs over the next 3 years and the company sees the loan as critical in supporting this growth plan.
Spatial Quotient’s mission is to ensure a high-quality healthcare experience for all. It uses technology and data to solve people-flow problems within the healthcare sector. By using real-time data, they aim to improve the hospital and clinic experience for patients and staff by reducing waiting times and optimizing space and resource allocation.
Although COVID-19 has delayed their growth plans, the business has over £1million of contracts agreed which, when implemented, will make a positive impact in terms of improving healthcare efficiency and the wellbeing of both patients and healthcare staff.
Not only this but the team has recently been awarded an Innovate UK grant to explore the use of this tech in delivering COVID specific solutions for hospitals to ensure that healthcare staff and patients adhere to the safest path through their hospital journey and reduce the risk of COVID transmission.
SWIG Finance’s Business Manager, Rachael Taylor, commented “This new technology comes at a time when there is heightened awareness around maintaining social distancing due to COVID-19. The solutions offered by Spatial Quotient will play a key role in reducing patient anxiety around visiting hospitals as well as enabling hospitals and clinics to improve time management by optimising resource allocation”.
Spatial Quotient Managing Director, Tim Maguire, said “The funding means that we can continue to move the business forwards during this critical period and create a meaningful force for change within the healthcare sector”.
Join the Growth Hub’s Access to Finance webinar series to learn more about finance opportunities available to South West businesses. The webinars are also listed on our Eventbrite page if you would like to book for selected events.
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