Health tech firm Snap40 secures £2m in funding
A tech start-up which developed a wearable monitoring device to help hospitals pick up warning signs of deteriorating health in patients more quickly has secured £2m in funding.
Snap40 plans to expand its engineering and data science team, complete clinical trials and gain regulatory clearance, opening up the EU market.
The Edinburgh-based firm also aims to move into the US market next year.
The funding round was led by Edinburgh-based investment firm Par Equity.
It is thought to be one of the largest seed rounds achieved by a Scotland-based start-up.
The company is led by chief executive and co-founder Christopher McCann, a former medical student at the University of Dundee.
He started the company after working on hospital wards where patients were only intermittently monitored.
Mr McCann said he formed the business after witnessing patients "avoidably deteriorating" because of late recognition of warning signs.
Snap40 uses a single medical wearable device to continuously monitor patients from the upper arm.
According to the company, it covers more health indicators than any other single device on the market.
The company then uses the data to identify, in real-time, patients at risk of deteriorating.
The company said: "By alerting doctors and nurses early, they can take action, potentially saving the patient's life, improving outcomes, and allowing them to return home sooner."
Mr McCann added: "We have a product that can save lives, while providing clinical and economic benefits to health services."
Par Equity partner Robert Higginson said: "We are delighted to be supporting Snap40, a business with an ambitious vision for the future.
"The team has already demonstrated the ability to deliver to its plan, which is why we are supporting the business from such an early stage."
Snap40 is currently demonstrating the performance of its product in a major clinical trial at an unnamed UK hospital.