PneumoWave, a Eurocentral, Scotland-based digital health company, has closed £7.5M in a Series A financing round.
The investment comprises £5.2M equity from new investors Scottish National Investment Bank and £2.3M from existing investors Scottish Enterprise (which backed Good-Loop and PhysioMedics), IIG, Equity Gap, Alba Equity, as well as London and Scottish Investments Partners. Boston-based life science investor Mark Bamforth of Thairm Bio also joined the round.
The health tech company will use the funds to enable clinical validation and regulatory submission of its biosensor technology platform for remote wireless diagnosing and monitoring fatal respiratory changes in high-risk patient groups.
Further, the company is also planning to ramp up its US operations.
“We are delighted to close this round and thank our existing investors and the Scottish National Investment Bank for their support,” says PneumoWave co-founder and CEO Dr. Bruce Henderson. “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 and 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 several staff in the US.”
Respiratory change diagnosis and monitoring platform
Founded by Dr. Bruce Henderson and Jonathan Guthrie in 2018, PneumoWave provides real-time physiological data and patient-centric digital biomarkers to prevent deaths and reduce hospital admissions from respiratory causes.
The company aims to transform how patients with respiratory conditions manage their health and live.
PneumoWave integrates machine learning and biology to help physicians deliver personalised, predictive virtual care to patients with acute, post-acute, and chronic respiratory conditions.
The company’s technology is developed as part of an international research program in collaboration with the University of Dundee, the University of Glasgow, King’s College London, NRCH, and the Department of Health in Victoria, Australia.
Paul Callaghan, Director of Innovation at the Scottish National Investment Bank, adds, “The Bank’s support for PneumoWave will help their aim of being able to diagnose and monitor high-risk patients with respiratory conditions remotely. This commercial investment has the potential to positively impact significant public health issues in this country and beyond.”
