Edinburgh-based health tech firm snap40 said it has secured $8 million in seed financing led by ADV with participation from MMC Ventures.
“Total funding to date is US $10 million, and the latest investment is the largest seed financing round for a digital healthcare company in the UK,” said snap40.
“snap40 monitors the human body in real-time using its wearable device, with accuracy equivalent to ICU monitoring.
“Using this real-time data, the company’s proprietary algorithms identify those whose health is at risk and proactively bring healthcare to them.
“Initially, snap40 is deploying this with top healthcare providers in the U.K. and the U.S.”
Joining ADV and MMC Ventures, private investors who participated in the round include Gordon Craig, co-founder of Craneware; Gareth Williams, founder of Skyscanner; and Qasar Younis, the former chief operating officer of Y Combinator and founder of TalkBin.
snap40’s existing investors include Par Equity and the Scottish Investment Bank.
With an office in New York and headquarters in Edinburgh, Scotland, snap40 plans to more than double its headcount by the end of 2018.
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.”