Digital health company PneumoWave has announced the closing of £7.5 m Series A financing which will enable clinical validation and regulatory submission of its biosensor technology platform for remote wireless diagnosing and monitoring potentially fatal respiratory changes in high-risk patient groups.
PneumoWave is a development stage digital health company based in Scotland and the US.
The company’s proprietary digital technology provides real-time physiological data and patient-centric digital biomarkers with the core focus of preventing deaths and reducing hospital admissions from respiratory causes.
The platform consists of a reusable biosensor that measures breathing frequency, depth and regularity. This data is sent via Bluetooth Low Energy to the PneumoWave Hub to be uploaded to cloud servers for analysis. The third element is the IEC 60601-1-8-compliant cloud gateway that provides alerts to healthcare professionals or family members.
The round sees £5.2 million equity from new investors Scottish National Investment Bank alongside £2.3 million 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.
“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. In addition, as a consequence of this investment, the company is moving to larger premises here at Eurocentral and will increase the team size from 18 to around 35, including a number of staff in the US.,” said PneumoWave co-founder and CEO, Dr Bruce Henderson.
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