BlueSkeye AI, a Nottingham-based health tech startup, has secured £3.4 million in funding led by XTX Ventures (also invested in WealthKernel), with participation from Foresight Group (through The Midlands Engine Investment Fund), Praetura Ventures (through Praetura’s GMC Life Sciences Fund), the University of Nottingham and a consortium of high-net-worth individuals.
The UK company will use the funds to accelerate its expansion across clinical and non-clinical health and well-being markets to transform patient pathways at scale.
As a result, it will support service providers in addressing the worldwide need for early diagnosis of mental health issues such as depression and anxiety and developing new products to help accurate digital diagnosis in the health and well-being sector.
As part of this investment, BlueSkeye AI will expand its activities with a physical presence in the North-West of England.
Professor Michel Valstar, Co-Founder and CEO at BlueSkeye AI, says, “The demand for alternative pathways to access mental healthcare is enormous and continues to grow by the day. We’re committed to disrupting traditional approaches to healthcare to help improve the quality of people’s lives, and we’re particularly focused on the perinatal mental health sector. With the support of XTX Ventures, Foresight Group, and Praetura Ventures, we’ll strengthen the rollout of new clinical trials and product development and champion the benefits of technology for reinforcing healthcare provision on a national, regional, and global basis.”
Detect mental health disorders through AI
In the UK alone, one in four people suffer from mental health issues at some stage of their lives, at an estimated cost of £117.9 billion to the economy and from 2024 all new cars sold in the EU must have camera-based driver safety monitoring systems installed.
Established in 2019 by Professor Michel Valstar (CEO), Dr. Anthony Brown (CTO), and Chief Machine Learning and Software Engineer Dr. Timur Almaev, BlueSkeye AI is a spin-out from The University of Nottingham’s School of Computer Science.
The company has developed proprietary face and voice analysis technology powered by AI to detect mental health disorders, particularly depression and anxiety while using interactive tasks on mobile devices.
BlueSkeye AI aims to improve well-being and patient outcomes by building objective, accessible, affordable mobile device apps for mental health monitoring.