PneumoWave targets new funding for US move
A medical device company working on breakthrough respiratory technology is targeting £7.5 million in Series A funding as it targets the US market.
PneumoWave, based at the Maxim Park at Eurocentral, is looking at opening an office on the US east coast and is in discussions with commercial partners. It has 20 staff and is looking to add 15 to its UK team and up to five in the US.
The company, which was set up as Altair Medical in 2018 by Jonathan Guthrie and CEO Bruce Henderson, has developed a wearable respiratory sensor and real-time monitoring platform.
It uses AI to detect and alert doctors to adverse events from a range of breathing problems, with the hope of preventing a large number of early deaths.
It has been running clinical trial in partnership with Dundee University, the research & innovation department at NHS Greater Glasgow & Clyde, and with King’s College, London.
In April 2021 it secured £2.25m of pre-series A funding from a syndicate led by Alba Equity and which includes Equity Gap, Intuitive Investment Group plc (IIG), London and Scottish Investment Partners, and Scottish Enterprise. Stewart White, founding chief executive of Collagen Solutions, joined the board.