Naq raises £5.1m to help HealthTech firms meet cyber standards

UK and Netherlands-based cyber security and compliance firm Naq has raised €6 million (£5.1m) to help health technology companies meet NHS standards. The startup, which emerged from the government’s National Cyber Security Centre flagship cyber innovation accelerator programme in 2021, has an automated compliance platform to help digital health technologies meet regulatory requirements across cyber security, privacy and clinical safety. Naq will use the funding to accelerate product development, expanding its AI capabilities and adding more standards to its compliance platform, including medical device regulation, ISO 42001, SOC2 and HIPAA. It will also grow its clinical and cyber security teams, bringing its software-led solution to more organisations that require compliance in cyber essentials, NHS Data Security and Protection Toolkit and NHS digital technology assessment criteria. Nadia Kadhim, co-founder and chief executive of Naq, said: “As the NHS shifts from analogue to digital, protecting patient data and systems is vital. “With this funding our technology will help even more NHS suppliers to meet security standards without complexity or the excessive cost of consultancy offerings, saving innovators more than 180,000 hours or £20,000 per compliance standard.” Naq’s platform automates over 80% of compliance tasks, with the aim of offering innovators a simpler and more cost-effective approach to achieving, monitoring, and managing their digital health compliance, enabling them to get their solutions to market faster. It works with more than 150 health technologies that serve the NHS, including SISU Health, Kidney Beam, Melo, Virtual Ward Technologies, RareCan, Visiopath, OTESA and Oxford Dynamics. The latest investment was made by Automate Health, which provides investment and support to B2B healthcare Software-as-a-service (SaaS) technology companies to help healthcare organisations improve back-office efficiency, compliance and audit, and patient experience. Matt Taylor, chief executive at Automate Health, said: “Automate Health backs standout companies solving systemic inefficiencies and compliance challenges in healthcare. “Naq is exactly that: an industry-leading platform with a loyal customer base, sticky revenue and growing demand as cybersecurity becomes mission-critical across health systems.” The startup has seen more than 300% year-on-year revenue growth. Existing investors are still active, including angel investor, Maurice Beckand Verwee from Crosspring / NL.