Scottish wearable health monitor developer Snap40 said today it raised $8 million in seed financing to help support continued development and deployment of its Snap40 device.
The round was led by ADV and joined by MMC Ventures and individual investors including Craneware co-founder Gordon Craig, Skyscanner founder Gareth Williams and former Y Combinator COO Qasar Younis. The funding brings the total raised for the company up to $10 million.
“Human life is precious. Monitoring, protecting and improving health is of importance to all corners of society. snap40 addresses that through a wearable device with smart technology built-in that allows us to identify human health risks with incredible accuracy. We see this evolving into an AI-driven platform on which snap40 and others can use and process health data from wearable products of the future, to identify sickness and disease patterns. The quality of the founding team, angel investors and progress to date have made us really excited about the potential here to redefine health monitoring and extend its reach well beyond hospital walls,” ADV chief investment officer Mike Dimelow said in a prepared statement.
“With our society growing older and larger, in the coming years we will see AI fundamentally reshape how healthcare is delivered. Snap40 is an excellent example of how AI is moving ‘beyond the hype’ – the company’s robust application of AI is solving an important real-world problem, augmenting the efforts of healthcare staff and helping save lives. We’re excited to support Chris, Stewart and the rest of the team as the business expands and brings their technology to new markets,” MMC Ventures partner and research head David Kelnar said in prepared remarks.
Snap40 said its wearable device is designed to monitor the body in real-time, using proprietary algorithms to identify health risks so appropriate proactive care can be applied.
The company said the investment will accelerate its US expansion, as well as supporting clinical trials and pilots already underway that aim to identify acutely and chronically deteriorating patients earlier to reduce risk and cost and improve patient health.
“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,” Snap40 CEO & co-founder Christopher McCann said in a press release.