Snap40, an Edinburgh-based HealthTech startup, has landed £2m in Seed funding from investment firm Par Equity.
This round of funding, which closed at the end of September but is being announced today, will allow the firm to boost its engineering and data science team, complete clinical trials and obtain regulatory approval.
Additionally, the firm is also planning to expand to the US and open an office there in 2017.
Christopher McCann, co-founder and CEO, spoke about the announcement: “This investment is based on the strength of our product and the progress of our amazing team.
“We are excited to work with Par Equity and the rest of our shareholders as we build Snap40 into a dominant player in the global people-health monitoring market. We have a product that can save lives, while providing clinical and economic benefits to health services,” he added.
Snap40 produces a wearable device which monitors patients’ respiratory and heart rate. The startup has also produced what it says is a secure software platform which plugs in date from the wearable device, calculates vital signs and then assesses risk using an early warning score based on established thresholds.
Robert Higginson, partner at Par Equity, added: “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. This is a global market with significant potential and we believe snap40 is the company to succeed.”