Naq, the automated healthcare and medical compliance platform, has successfully secured €3 million in funding. The oversubscribed funding round, led by No Such Ventures with additional support from existing investors, signifies a significant step forward for the Amsterdam and London-based startup.
Founded by Nadia Kadhim, a GDPR lawyer and Forbes 30 under 30 winner, and Chris Clinton, an ex-NATO and BAE Systems Cyber Security expert, Naq is set to revolutionize healthcare and MedTech compliance across the UK and the EU. The platform aims to empower SMEs in highly regulated industries to transform compliance into a competitive advantage.
The funds raised will be pivotal for Naq’s rapid expansion across the UK digital health market. This comes less than twelve months after its pre-seed round, demonstrating the market’s confidence in the platform’s ability to simplify and automate cybersecurity, compliance, and due diligence for SMEs.
Naq’s innovative approach addresses the challenges faced by over 400,000 companies in highly regulated sectors, such as healthcare, where bringing innovative solutions to market is hindered by stringent compliance and regulatory requirements. Traditionally, compliance solutions in these sectors have been costly consultants, adding complexity to an already demanding process.
The automated compliance platform by Naq is set to transform this process, allowing innovators to comply with healthcare frameworks crucial for growth. It streamlines compliance, secures healthcare data, saves time, and accelerates the introduction of life-saving solutions to the market.
Over the past 12 months, Naq has experienced a remarkable 300% growth. The platform not only aids health and MedTech innovators in meeting compliance requirements but also allows NHS trusts, government departments, and enterprise organizations to reliably verify the compliance status of their suppliers.
Nadia Kadhim, CEO and co-founder of Naq, emphasized the significance of the latest funding round, stating, “Nearly 50% of healthcare solutions fail to make it to market due to the complex regulatory and compliance challenges they face. That’s why we built Naq: to empower innovators in the UK and Europe to bring their solutions to market by simplifying their compliance with the frameworks required to operate in the healthcare sector.”
The new funding will support Naq in accelerating its growth across the UK and Europe. Sophie Heijenberg, investor at No Such Ventures, expressed excitement about joining Naq on its growth trajectory, highlighting the founders’ expertise within the compliance market and the product’s intuitive nature.
Naq’s dedication to simplifying compliance for healthcare innovators has not gone unnoticed. The platform recently received a prestigious £460,000 Smart Grant from Innovate UK to enhance its capabilities, particularly in using AI to streamline compliance for NHS suppliers.
As Naq continues to redefine healthcare compliance, the latest funding injection positions the platform for further innovation and expansion, ensuring that compliance no longer hinders but propels the growth of healthcare and MedTech solutions in the UK and EU.
Check out the official announcement here.