We’ve led an $8m USD seed extension investment into health monitoring startup snap40 with support from MMC Ventures and a really exciting group of angels
Human life is precious. Monitoring, protecting and improving health is of importance to all corners of society. snap40 addresses that through a wearable device with smart technology built-in that allows us to identify human health risks with incredible accuracy.
We see this evolving into an AI-driven platform on which snap40 and others can build and process health data from wearable products of the future. Boundaries that currently separate regulated and unregulated health monitoring will continue to blur as consumer wearables have the equivalent accuracy of ICU on the go!
The quality of the founding team, angel investors and progress to date have made us really excited about the potential here to re-define health monitoring and extend its reach well beyond hospital walls.
Total funding to date is $10m, making this latest investment the largest seed round for a healthtech company in the UK. Using real-time data, snap40 identifies people whose health is at risk and bring healthcare to them (currently with leading providers in the UK and US).
Joining the round are: Gareth Williams, founder of Skyscanner; Qasar Younis, the former COO of YCombinator; and Gordon Craig, co-founder of Craneware, as well as continued support from Par Equity and the Scottish Investment Bank. The investment will accelerate US growth, where clinical trials are ongoing with leading hospitals and institutions looking to identify acutely and chronically deteriorating patients earlier.
Initial trials suggest snap40’s AI provides awareness of acute or chronic patient deterioration earlier than standard care. Going forward it provides deep insights about health behaviours that might go unnoticed in today’s healthcare environments.
The device monitors vital signs and other data to determine which patients will become ill and how, enabling earlier medical intervention and fewer hospital readmissions. Today, this costs U.S. hospitals more than $40 billion, according to the CMS.
With a sharp focus on the US market, snap40 has an office in New York but is headquartered in Edinburgh. The city’s ecosystem is home to a great number of the UK’s brightest startups and this is a great example of successful founders paying it forward, with Gareth Williams of Skyscanner re-investing in startups.
As they expand to re-invent healthcare and save lives, plans are in place to more than double its headcount by the end of 2018 and add to its awesome team comprised of healthcare professionals, data scientists and engineering experts hailing from companies including Apple, Microsoft, Skyscanner, Space Labs and FanDuel, as well as leading AI research groups.
If you’ve got a big vision for the future and would like long term, patient venture backing, please share your ambition with us. Three members of our investment team will review your opportunity and feed back within a few working days.