20 Nov Accelerator alumni, Convert Technologies, awarded major funding to develop an Asset Tracking Solution for the Health Sector
BioCity Accelerator alumni, Convert Technologies, have been awarded funding by InnovateUK for a £500k project to build an asset tracking solution. The funding will enable the 12-18 months development project, called Range-IT, to start on 1st November 2020. Convert have received strategic support from Althea UK & Ireland and Semtech Corporation to deliver the solution, which is planned to be rolled out by Althea in their asset management services through their hospital relationships, both private and NHS, in the UK.
The Range-IT solution will allow Convert to develop their Tracking and Communication Technology (TaCT) platform further, so that thousands of high-value assets can be tracked, both indoors and outdoors, across a large Hospital Trust site. Convert’s TaCT platform has previously been used to support and enhance care for residents and patients in care homes by providing location reporting services into the wider care network. Mobile assets in Hospital Trusts such as patient monitors, Infusion pumps and beds are often misplaced and more stationary assets such as ventilators can be lost or stolen. The impact of unavailable assets is estimated to cost the NHS £2bn a year as well as delaying total surgery time by 5% per year and negatively impacting nurses’ productivity time as they continuously need to look for equipment. Moreover, since Range-IT can also transmit bi-directional data via a secure data channel, greater system integration providing further substantial productivity gains can be achieved by monitoring of asset temperature, calibration status, service intervals and sage statistics.
Andy Brown, Operations Director of Althea UK & Ireland says, “As a major independent Healthcare Technology management company in Europe, we are delighted to be involved with this project and are excited to bring the asset tracking solution to market over the next 12-18 months”.
“Convert’s ground-breaking solution for asset tracking will enable hospitals to optimise their resources and therefore improve efficiencies through an easy to deploy and scalable solution,” said Pedro Pachuca, Director of Product Marketing at Semtech. “Convert’s highly innovative use of Semtech’s LoRa and ranging feature is a clear example of how LoRa can operate at the 2.4GHz band and complement sub-GHz with high data rate and more accurate geolocation, capturing new use cases, therefore expanding the market for the whole LoRa ecosystem.”
“Our highly skilled engineering team with their unique mix of hardware/software skills can now develop the TaCT platform to take location reporting and data retrieval to a unique level and we are delighted to have
Althea as our commercial partner to bring this solution to the market”, says Martin Boddy, Convert’s Managing Director.