PneumoWave, a digital health business based in Eurocentral, Scotland, has closed a £7.5M Series A fundraising round.
The investment is made up of £5.2 million in additional equity from Scottish National Investment Bank and £2.3 million from Scottish Enterprise, IIG, Equity Gap, Alba Equity, London, and Scottish Investments Partners, as well as other existing investors. Mark Bamforth of Thairm Bio, a Boston-based life science investor, also participated in the deal.
The money will be used by the health technology business to support clinical validation and regulatory filing of its biosensor technology platform for remote wireless diagnosis and monitoring of fatal respiratory alterations in high-risk patient groups.
“We are happy to announce the closing of this round and appreciate the assistance of the Scottish National Investment Bank as well as our current investors. We will now be able to expedite our clinical validation in preparation for a planned regulatory filing in early 2024 thanks to our collaboration with top worldwide centers “Dr. Bruce Henderson, co-founder, and CEO of PneumoWave, adds.
Dr. Bruce continued, “We are confident that our platform will be a crucial tool for improving the efficacy of programs for treating opiate use disorders and respiratory conditions in general. Additionally, as a result of this investment, the company is moving to a larger space here at Eurocentral and expanding its team from 18 to about 35 people, including several employees from the US.
Dr. Bruce Henderson and Jonathan Guthrie founded PneumoWave in 2018, which offers patient-centric digital biomarkers and real-time physiological data to avoid fatalities and lower hospital stays due to respiratory conditions.
The organization seeks to fundamentally alter how people with respiratory diseases manage their health and daily lives.
To assist doctors in providing individualized, anticipatory virtual therapy to patients with acute, post-acute, and chronic respiratory problems, PneumoWave combines biology and machine learning.
The company’s technology is created in conjunction with the University of Dundee, the University of Glasgow, King’s College London, NRCH, and the Department of Health in Victoria, Australia, as part of an international research initiative.
The Scottish National Investment Bank’s Paul Callaghan continues, “The Bank’s assistance for PneumoWave will help their ambition of being able to remotely diagnose and monitor high-risk patients with respiratory diseases. Significant public health challenges in this nation and elsewhere could benefit from this commercial investment.
Image Credit: PneumoWave
