Digital healthcare company PneumoWave will double in size after securing £5.2million from the Scottish National Investment Bank.
The Series A funding package totalling £7.5million for the Eurocentral headquartered company will be used to continue clinical trials of its biosensor technology that monitors potential fatal respiratory changes.
PneumoWave’s remote patient monitoring technology can assist early detection of potentially fatal respiratory conditions, including Chronic Obstructive Pulmonary Disease (COPD), Opioid Induced Respiratory Depression and Paediatric Respiratory Monitoring.
CEO, Dr Bruce Henderson, a former forensic medical examiner said:
“We are delighted to close this round and thank both our existing investors and the Scottish National Investment Bank for their support. We are now aiming to have our technology ready to submit to the medical regulators in early 2024.
“We believe our platform will provide an invaluable tool for increasing the effectiveness of treating a broad range of respiratory disorders. This investment also allows us to move to larger premises here at Eurocentral and we will increase the team size from 18 to around 35, as we look to expansion overseas.”
Paul Callaghan, Director Innovation, at the Scottish National Investment Bank said:
“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.”
Last year the University of Dundee announced it was starting a clinical trial of PneumoWave’s wearable biosensor device.
The Bank is providing a £5.2m equity commitment which secures the company’s future in Scotland. This funding round also attracted investment from Scottish Enterprise and a number of angel investors IIG, Equity Gap, and Alba Equity.