Series A closes
Wearable sensor firm PneumoWave raises £7.5m
Digital health company PneumoWave has closed a £7.5 million Series A financing round to develop its monitoring technology.
It will be moving to larger premises at the Eurocentral office park off the M8 and will increase the team from 18 to around 35, including a number of staff in the US.
The company is developing wearable biosensor alerts for carers and emergency medical services which aim to reduce the impact of drug overdose, now the leading cause of accidental death in most developed countries.
It launched its funding campaign in June last year and has now secured £5.2m equity from new investor Scottish National Investment Bank, alongside £2.3m from existing investors Scottish Enterprise, IIG, Equity Gap, Alba Equity and London and Scottish Investment Partners.
Boston based life science investor Mark Bamforth of Thairm Bio also joined the round as PneumoWave prepares to ramp up its US operations.
PneumoWave’s technology is being developed as part of an international research program in collaboration with the University of Dundee, University of Glasgow, King’s College London, and NRCH and Department of Health in Victoria, Australia.
PneumoWave co-founder and CEO, Dr Bruce Henderson said: “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 as well as respiratory disorders in general.”
Paul Callaghan, director innovation, at the Scottish National Investment Bank added: “The Bank’s support for PneumoWave will help their aim of being able to remotely diagnose and monitor high-risk patients with respiratory conditions.
“This commercial investment has the potential to positively impact significant public health issues in this country and beyond.”