Shaping HealthTech Futures Heather Roxborough, Senior Partner and Head of HealthTech at Oxford Science Enterprises, shares her guidance for first-time fundraisers, the criteria she uses to evaluate emerging ventures, and the trends transforming the future of care.
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As Senior Partner leading HealthTech at Oxford Science Enterprises, Heather Roxborough works at the forefront of bringing breakthrough medical and digital health innovations to patients worldwide. Her role spans supporting founders from the earliest concept stage through to scaling clinically validated products that reshape care delivery. In this Q&A, Heather distils what founders must master before raising their first round, the core attributes she looks for in early-stage companies, and how to turn an investor's "no" into a long-term relationship. She also highlights the healthcare trends that most excite her today - particularly the transformative power of AI - and spotlights three OSE-backed start-ups improving neurological care, advancing pet health, and detecting heart disease earlier and more accurately.
What are the top three things founders should focus on when preparing to raise their first round of funding?
The three most critical areas are articulation, planning, and preparation. You need a clearly articulated business proposition. If you can't distil your complex science and target use case down into a sharp, compelling elevator pitch, you haven't yet mastered your own narrative. Next, you need a detailed, granular business plan that clearly shows investors how their capital will be deployed and how it will translate into tangible value creation. Finally, lay the groundwork early. Raising finance takes time – identify your ideal investors and start building relationships with them at least six to twelve months before you open the round.
When evaluating early-stage start-ups, what key factors do you prioritise?
At OSE, we look for five core ingredients. First, the start-up must target a large, high-value, unmet market need – and there must be genuine room for a new entrant. This must be paired with a differentiated, novel technology or approach that can truly solve the problem alongside a compelling commercial model. We then assess the timeline and capital required to reach product–market fit or achieve a major de-risking milestone. We also examine the competitive moat: what defensible advantage does the Oxford-derived science provide? Finally, we evaluate the founding team's right to win – not just how creative they are, but their domain expertise, complementary skills, and drive to succeed.
How should founders handle a "no" from an investor? What's the best way to build long-term relationships, even if they don't secure investment straight away?
It's important for founders to understand that a 'no' can often mean 'not right now.' The best response is to be gracious and maintain the relationship – doing so can open the door to investment in a future round once you've reached the requested milestone. It's also an ideal opportunity to ask for feedback and advice on how to strengthen your pitch or refine your business proposition.
What start-up sector or trend excites you the most at the moment, and why?
I would highlight the potential of AI – whether agentic, generative, or LLM-based – to transform how healthcare is delivered. These technologies can enhance the patient experience through more personalised and accessible care, reduce clinicians' administrative burden, and make care more cost-effective across the board. It's a genuine win-win-win scenario.
Which three start-ups that you funded this year excite you the most, and why?
- Kneu Health: Kneu Health is reinventing neurology care using only a patient's smartphone. Already in the hands of hundreds of patients across the UK and US, it's making a tangible impact on both patients' and caregivers' lives. Patients no longer face months of uncertainty between visits, and gain confidence that changes will be recognised rather than missed. Clinicians are getting clearer insight and guidance on medication changes without added workload. Although still at the seed stage, the company has already entered the US healthcare market with their FDA cleared platform, launching with Cedars-Sinai and expanding into Mass General Brigham and is delivering highly valuable clinical insights to neurologists and patients.
- Marley Health: We have all seen the rise in popularity of wearables such as Oura and Apple Watch that are designed to help you proactively manage your health and live healthier for longer. But there's nothing for pets, yet pets are family, and they also deserve the best care possible. Marley Health brought together world leading sensing technology from University of Oxford and clinical expertise from the Royal Veterinary College, to deliver AI-powered, human-level healthcare, designed specifically for companion animals. The platform is grounded in world-class clinical research and is designed to support both vets and pet owners as they help pets live their best lives.
- Ultromics: We've partnered with Ultromics since its inception, and it stands as a remarkable success story showcasing the real-world impact of Oxford science. The company have developed an AI diagnostic platform that makes it possible to catch deadly heart failure earlier by analysing an ultrasound of the heart, and proactively alerting clinicians. This is important as up to 64% of heart failure cases go undetected with HFpEF and cardiac amyloidosis especially hard to diagnose. The company has hit several major milestones already, achieving FDA clearance and securing Medicare reimbursement, and is now deployed across flagship US health systems such as Mayo, NorthWestern, UChicago Medicine and University Hospitals Cleveland, helping hospitals reduce unnecessary tests, streamline workflows and initiate treatment earlier so it's more effective and less expensive.
