The investment supports new technology developed in Scotland.
It also has a potential health benefit, addressing a significant public health problem in Scotland and beyond.
The investment is aligned with the Scottish Government’s National Mission to reduce Drug Related Deaths.
PneumoWave Limited is a Scottish digital health business developing a respiratory monitoring device that can assist early detection of potentially fatal respiratory conditions, including Chronic Obstructive Pulmonary Disease (COPD), Opioid Induced Respiratory Depression and Paediatric Respiratory Monitoring.
Pneumowave is raising a Series A round of £7.5m to enable the business to fund ongoing research and development working towards achieving regulatory approval in both the US and Europe.
The Bank is providing a £5.2m equity commitment which secures the company’s future in Scotland.
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.”