PneumoWave, the digital health company, has closed on a £7.5 million Series A financing deal, hoping to enable clinical validation and regulatory submission of its biosensor technology platform.

The round comprises £5.2 million equity from new investors Scottish National Investment Bank, as welll as £2.3 million from existing investors Scottish Enterprise, IIG, Equity Gap, Alba Equity, and London and Scottish Investment Partners.

The HealthTech company specialises in remote wireless diagnosing and monitoring of potentially fatal respiratory changes in high-risk patient groups.

Boston based life science investor Mark Bamforth of Thairm Bio also joined the round as PneumoWave prepared to ramp up its US operations.

Patents for PneumoWave’s technology are currently pending in the UK and the US, and the  new boost in funding should help them progress through regulatory benchmarks.

The 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.

Dr. Bruce Henderson, co-founder and CEO of PneumoWave said: “Working with leading international centres, we will now be able to accelerate our clinical validation leading to a planned regulatory submission in early 2024.”

The company aims to reduce the impact of drug overdose, which is now the leading cause of death in most developed nations.

The AI technology of PneumoWave’s wearable biosensors can alert carers and emergency medical services when a wearer’s health is at risk and in need of urgent assistance.

“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,” Henderson added.

The company is also using the investment to expand their team in both Scotland and the US from 18 to around 35.

Paul Callaghan, Director Innovation, at the Scottish National Investment Bank commented: “This commercial investment has the potential to positively impact significant public health issues in this country and beyond.”

Recommended

• Shetland Spaceport Partners with German Rocket Company
• Royal Mail Suffering ‘Severe Disruption’ Following ‘Cyber Incident’
• Filament STAC to Launch Scottish IoT Recruitment Platform

The Scottish support to a healthtech team is welcomed, as a recent report showed that the UK is losing out on many HealthTech product launches due to a lack of continued investment.

Kerry Sharp, Director, Entrepreneurship and Investment, Scottish Enterprise said: “Supporting fast growing, innovative companies is a fundamental priority for Scottish Enterprise, and PneumoWave are a fantastic example of how Scotland’s supportive ecosystem can help ambitious early stage companies.”

Robert Naylor, CEO, Intuitive Investments Group added: “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.”

Get all the latest news from DIGIT direct to your inbox

Our newsletter covers the latest technology and IT news from Scotland and beyond, as well as in-depth features and exclusive interviews with leading figures and rising stars.

To subscribe, click here.