Hull healthtech startup Moodbeam has secured a 200k investment from NPIF-Mercia Equity Finance, portion of the Northern Powerhouse Investment Fund.
Moodbeam, that’s launched a wearable device to further improve mental wellbeing, was founded in 2016 by the Gadget Shop founder and Red5 co-founder Jonathan Elvidge, and former journalist Christina Colmer McHugh.
Christina came up with the idea with the device after her daughter became anxious at school.
The device sticks to allowing users to log their mood and monitor their emotional wellbeing C or that surrounding their kids, students, patients or employees. The device, which links in an on the web and mobile platform, gives insights into how moods change with time, showing patterns and trends that could support positive change.
The funding will grant this business to place the extender into production.
Moodbeam, within Hull’s Centre for Digital Innovation, already has received interest from potential shoppers device, such as a university, the NHS, businesses, sports councils and health campaigners.
Christina said: “It’s been a two-year journey, but Moodbeam can provide valuable insights into wellbeing and mental health. We set out to generate a device while using the possible ways to make any difference. This investment will help you to make that possible.”
Simon Crabtree, investment manager with Mercia Fund Managers, added: “Moodbeam has proven being a powerful offering, on account of its capacity to timestamp emotions and still provide an ‘at a glance’ way to observe how people feel.
“The technology have a wide range of uses, from supporting children and the younger generation as well as elderly in care, to enhancing wellbeing operate and sports performance. The funding allows the corporation to take the second step in bringing it to sell.”
Mark Wilcockson, senior relationship manager at British Business Bank, also commented: “The Northern tech sector is giving rise into a range of exciting products, ideas, and innovations which might be generating a real have an effect on customers.
“Moodbeam is evidence of that, additionally, the company’s award-winning device can make positive differences into the wellbeing of buyers. We are pleased to announce this latest round of funding through the Northern Powerhouse Investment Fund, and tend to be confident that the at Moodbeam continue to generate on its momentum because of this.”