Elemental Software invests over £1m in R&D
Elemental Software is investing over £1.2million in its business, which is helping it to refine its social prescribing service, drive export growth and appeal to new target sectors.
The SME, which specialises in social prescribing consultancy services and technology has also created eight jobs in its Derry office. It has also been awarded a Platinum Level Innovator Certificate from Innovate NI.
Social prescribing is a way of connecting patients in primary care with sources of support within the community. This has been widely advocated as a means of empowering individuals to manage their own health and wellbeing.
Leeann Monk, Co-Founder and COO of Elemental Software said: “Following an initial investment in R&D in 2017, our technology can make it easier for health and social care professionals to refer people with health risks such as mental health, to community based lifestyle interventions. This type of referral can reduce demand in GP time and ultimately keep people out of hospital for longer.
“This is imperative for global health services to operate and as public health budgets worldwide are coming under increasing pressures due to COVID-19, social prescribing has been identified as a growing sector.
“We were recently awarded a place on the new GPIT NHS framework which is in effect a buyer’s catalogue for NHS organisations within primary care. Our new investment in R&D will help us to enhance the technical, security and governance standards to proactively win contracts available on the framework.”
Jennifer Neff, Co-founder and CEO of Elemental, added: “We also hope to increase our turnover from £1m to £5m over the next three years. This is ambitious but our research has shown us that social prescribing is an evolving market globally and many opportunities exist in countries such as RoI, Nordics, Canada and Australia.
“We have entered into two new sectors since COVID-19 started with the education and employment sectors using our technology to ensure that students and those looking for work get the support they need. Our customers in these sectors are seeing a positive impact on people’s wellbeing already and we are looking forward to rolling this out across the UK, Ireland, and beyond.”
Elemental Software has experienced a 66% increase in overall revenue in the past year. Invest NI has offered £317,810 of support towards Elemental Software’s R&D project, the creation of eight jobs and marketing activities. All of the jobs are in place.
Welcoming the investment, Dr Vicky Kell, Invest NI’s Director of Innovation, Research & Development said: “We assisted Elemental Software to develop its social prescribing platform to include the ability to integrate with NHS systems. This has helped the company win many new contracts, three in Scotland alone.”