PneumoWave has closed a £7.5m Series A funding round, which should enable clinical validation and regulatory submission of its biosensor technology platform for remote wireless diagnosing and monitoring respiratory changes in high-risk patients.
The round comprises £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, NRCH and Department of Health in Victoria, Australia.
The development-stage digital health company is based in Scotland and the US. Its proprietary technology provides real-time physiological data and digital biomarkers, with the core focus of preventing deaths and reducing hospital admissions from respiratory causes.
“We are delighted to close this round and thank both our existing investors and the Scottish National Investment Bank for their support,” said PneumoWave co-founder and chief executive Dr Bruce Henderson. “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.“
As a consequence of the latest investment, the company is moving to larger premises at Eurocentral and will increase the team size from 18 to around 35; including a number of new staff in the US.
Robert Naylor, chief executive at Intuitive Investments Group, commented: “We strongly believe healthcare providers will adopt PneumoWave’s integrated platform of patient data capture and proprietary analysis, which will transform the way patients with respiratory conditions manage their health and live their lives.”
Paul Callaghan, director of innovation at the Scottish National Investment Bank, stated: “This commercial investment has the potential to positively impact significant public health issues in this country and beyond.”
PneumoWave was advised throughout by Ascendant Corporate Finance and DCS Legal.
The company, founded in 2018, was previously called Altair Medical, but rebranded in 2021.
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