snap40 plans to double headcount after raising $8m in seed funding
[Edinburgh, Scotland] Scottish Artificial Intelligence (AI) company snap40 has closed an $8m (£6.1m) seed funding round led by patient venture investment engine ADV, in partnership with MMC Ventures and private investors.
Its AI-powered wearable device monitors patients in real-time to identify those at risk of deterioration, and it says it does so with an ‘accuracy equivalent to ICU monitoring’, with early studies reportedly suggesting that its AI algorithms can detect acute or chronic patient deterioration ‘earlier than standard care’.
Private investors who took part in the round included Gareth Williams, Co-Founder of the Skyscanner travel search engine, and Gordon Craig, Co-Founder of the Craneware healthcare software specialist.
The announcement brings the start-up’s total funding to $10m (around £7.7m). A representative for snap40, which currently has offices in Edinburgh and New York City, told BJ-HC it now planned to increase headcount in both the UK and the US.
David Kelnar, Partner and Head of Research at MMC Ventures, said snap40 was an example of how AI was moving ‘beyond the hype’ in healthcare.
“Unless society can train and hire tens of thousands more doctors and nurses to manage demographic changes, we must multiply the efforts of our existing healthcare professionals.
"This is where technology comes in. A human can’t look at hundreds of thousands of data points and detect a pattern in less than one second — but a computer can.
“This is why we’re building snap40,” Christopher McCann, snap40 CEO and Co-Founder, wrote while announcing the $8m seed round.
Mike Dimelow, Chief Investment Officer at ADV, said:
"Monitoring, protecting and improving health is of importance to all corners of society. snap40 addresses that through a wearable device with smart technology built-in that allows us to identify human health risks with incredible accuracy.
"We see this evolving into an AI-driven platform on which snap40 and others can use and process health data from wearable products of the future, to identify sickness and disease patterns.
"The quality of the founding team, angel investors and progress to date have made us really excited about the potential here to redefine health monitoring and extend its reach well beyond hospital walls.”
Earlier this week, Edinburgh-based health tech start-up Care Sourcer - which offers a care comparison and matching service - announced that it raised £8.5m to accelerate its expansion across the UK and grow its team from 20 employees to 100 by 2020.