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Posted on June 19, 2018 by staff

Maker of wearable mental wellbeing device secures £200k

Maker of wearable mental wellbeing device secures £200k

Moodbeam will use the investment to put the device into production
Moodbeam will use the investment to put the device into production

A healthtech start-up which has developed an award-winning device to enhance mental wellbeing has secured a £200,000 investment to bring the product to market. 

Moodbeam is behind a wearable device which allows users to log their mood and monitor their emotional wellbeing – or that of their children, students, patients or employees.

The device links to an online and mobile platform and gives insights into how moods change over time, showing patterns and trends that can support positive change.

Over the past year, prototypes have been trialled in multiple settings and the company has received interest from potential users including a university, the NHS, businesses, sports councils and health campaigners.

The funding from NPIF – Mercia Equity Finance will allow the business to put the device into production.

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“It’s been a two-year journey, but Moodbeam has been shown to provide valuable insights into wellbeing and mental health,” said co-founder Christina Colmer McHugh, who came up with the idea after her daughter became anxious at school. 

“We set out to create a device with the potential to change lives. This investment will help to make that possible.”

Simon Crabtree, investment manager with Mercia Fund Managers, added: “The technology could have a wide range of uses, from supporting children and young adults and the elderly in care, to enhancing wellbeing in the workplace and sports performance.

“The funding will allow the company to take the next step in bringing it to market.”

Moodbeam, which is based in Hull’s Centre for Digital Innovation (C4DI), was founded in 2016 by the Gadget Shop founder and Red5 co-founder Jonathan Elvidge, and former journalist McHugh.

The device won Best Emerging Technology at the 2017 Hull Digital Awards.

John Connolly, managing director of C4DI, provided business, technology and fundraising advice to the company.