Overview
Since 2018, Oqea has been transforming mental healthcare for patients and clinicians by finding solutions for systemic bottlenecks in mental health diagnoses and treatment. Using Radium Advances, Oqea accelerated its R&D and avoided unnecessary dilution during its early growth stages. With an optimally timed capital raise planned for next year, Oqea is scaling up and expanding its diagnostic decision-making tool for attention deficit hyperactivity disorder (ADHD) to include other mental health conditions.
Giving mental health a platform
Oqea’s co-founders wanted to explore how advances in machine learning (ML), big data and artificial intelligence (AI) could support mental healthcare journeys for patients and practitioners. They realised emerging technologies could potentially lift the admin burden from in-demand mental health clinicians. Oqea’s private practice for ADHD and mental health patients enabled it to conduct research and development (R&D) safely and ethically, and build an ADHD diagnostic platform tool using ML and AI to support, streamline and digitalise workflows. As Oqea’s innovation progressed, it became increasingly unsustainable to cross-subsidise the platform’s R&D from its clinical practice.
Making waves with R&D financing
Initially, Oqea tried to solve its cash-flow conundrum with investor funding. But it wasn’t always a suitable option for the early-stage business. Oqea discovered Radium Advances could unlock the company’s expected R&D tax refund early. Radium Advances provided essential cash flow to continue investing in R&D. Then Oqea saw the strategic value of accessing regular Radium Advances several times a year.
Oqea Managing Director and CEO Martyn Weir says, “Radium Advances have allowed us to stay focused on our core solution and the R&D associated with it, rather than capital raising.”
With an optimally timed capital raise planned for 2026, Oqea is scaling up its offering and expanding beyond its lead ADHD diagnostic decision-making support tool.
For more information, visit Oqea’s website.
