A health technology company headquartered in Edinburgh has raised millions of dollars in funding to grow headcount and expand its US offering.
Artificial intelligence-enabled healthcare firm Snap40 has secured $8 million (£6m) in seed financing, calling the investment the “largest seed financing round for a digital healthcare company in the UK”. It brings total investment in the firm to date to $10m (£7.5m).
The financing round, led by investment engine ADV with participation from venture capital firm MMC Ventures, included private investors Gareth Williams – the founder of travel website Skyscanner – Qasar Younis, founder of feedback platform TalkBin, and Gordon Craig, co-founder of healthcare software Craneware.
Snap40 produces wearable devices which monitor the human body in real-time to identify health risks. The company will use the investment boost to accelerate its US expansion, where it has clinical trials and pilots with several hospitals and institutions.
Mike Dimelow, chief investment officer at ADV, said, “Human life is precious. 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.”
He claimed the business had the potential to “redefine health monitoring and extend its reach well beyond hospital walls”.
Christopher McCann, Snap40 CEO and co-founder, said, “As a medical student, I witnessed patients live with long-term disability or die as a result of late recognition of their deteriorating health. This is where technology can make a difference.
“It’s a moral imperative to use all of our knowledge in science and technology to improve healthcare – that’s why Stewart and I founded Snap40. Using AI to recognize illness earlier and enable earlier treatment can save lives, and it can prepare our healthcare system for the future.”
Snap40 will continue to be supported by existing investors Par Equity and the Scottish Investment Bank.
With an office in New York and headquarters in the Scottish capital, the business plans to double its headcount by the end of 2018.