snap40, an Edinburgh, Scotland-based healthtech startup, secured £2m in funding.
The first tranche of the investment – led by Edinburgh-based investment firm Par Equity – was closed at the end of September.
The funding will allow snap40 to grow its engineering and data science team, complete clinical trials and gain regulatory clearance, opening up the entire EU market. The company also plans to move into the US market, opening a US office in 2017.
Co-founded by Christopher McCann, David Bowie and Stewart Whiting, snap40 provides hospitals with medical-grade vital signs monitoring wearable arm-band and accompanying analysis software platform to catch deteriorating health earlier.
The medical wearable device continuously monitors patients from the upper arm across several health indicators. The company then uses this data to identify, in real-time, patients at risk of deteriorating. By alerting doctors and nurses early, they can take action, potentially improving outcomes.
The company has already built a core team of 5 and is recruiting a further 4 software engineers and data scientists over the coming 5 months, as well as building its commercial team during 2017.