Digital health startup PneumoWave in Scotland has raised £7.5 million (€8.5m) for clinical trials of its wireless respiratory biosensor technology and expansion to the US.
PneumoWave’s machine-learning-based technology is being developed as part of an international research program in collaboration with the University of Dundee, University of Glasgow, King’s College London, and NRCH and Department of Health in Victoria, Australia.
The technology platform is being developed with Systolic Product Development, industrial AI specialist Peacock Technology and medical cloud provider Galen Data.
The Series A financing which will enable clinical validation and regulatory submission of the Bluetooth-enabled biosensor technology platform for remote wireless diagnosing and monitoring potentially fatal respiratory changes which can result from infections such as pneumonia or overdose of opioids such as fentanyl, a major issue in the US.
The platform consists of a reusable biosensor that measures breathing frequency, depth and regularity. This data is sent via Bluetooth Low Energy to the PneumoWave Hub to be uploaded to cloud servers for analysis. The third element is the IEC 60601-1-8-compliant cloud gateway that provides alerts to health care professionals or family members.
The round sees £5.2 million equity from new investors Scottish National Investment Bank alongside £2.3 million from existing investors Scottish Enterprise, IIG, Equity Gap, Alba Equity and London and Scottish Investment Partners. Boston based life science investor Mark Bamforth of Thairm Bio also joined the round as PneumoWave prepares to ramp up its US operations.
“We are delighted to close this round and thank both our existing investors and the Scottish National Investment Bank for their support,” said Dr Bruce Henderson, CEO and co-founder of PneumoWave in Glasgow.
“Working with leading international centres, we will now be able to accelerate our clinical validation leading to a planned regulatory submission in early 2024. We believe our platform will provide an invaluable tool for increasing the effectiveness of opioid use disorder treatment programmes as well as respiratory disorders in general. In addition, as a consequence of this investment, the company is moving to larger premises here at Eurocentral and will increase the team size from 18 to around 35, including a number of staff in the US,” he said.
“We are hugely impressed by PneumoWave and what Dr Bruce Henderson and the team have built,” said Robert Naylor, CEO of the Intuitive Investments Group. “We strongly believe healthcare providers will adopt PneumoWave’s integrated platform of patient data capture and proprietary analysis, which will transform the way patients with respiratory conditions manage their health and live their lives. The funding round with high quality investors, given market conditions, is testament to the quality of PenumoWave’s business.”