$8m for Scots founders
Snap40 pioneers raise health sector’s biggest seed round
Chris McCann and Stewart Whiting: ‘technology can make a difference’
Snap40, the Scottish healthcare company founded by Christopher McCann and Stewart Whiting, has raised $8 million (£6m) in the largest seed financing round in the UK for a business in the sector.
Its AI-enabled technology monitors health risks via a wearable device during and after hospital admissions, as well as for chronic health conditions.
The new funding has been led by ADV with participation from MMC Ventures and brings total funding to date to $10m.
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 also will benefit from the continued support of existing investors Par Equity and the Scottish Investment Bank.
The investment will accelerate snap40’s expansion into the US where it has undertaken clinical trials and pilots with leading hospitals and institutions.
Mike Dimelow, chief investment officer at ADV, said: “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.”
David Kelnar, partner and head of research at MMC Ventures, added: “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.”
With an office in New York and headquarters in Edinburgh, snap40 plans to more than double its headcount by the end of 2018, hiring in all areas with a focus on candidates who believe in using technology to save lives and improve healthcare.
Mr McCann, snap40 CEO, 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 recognise illness earlier and enable earlier treatment can save lives, and it can prepare our healthcare system for the future.”