snap40, a developer of artificial intelligence (AI) enabled wearable device for monitoring human body in real-time, has secured $8m funding under the seed financing round led by ADV.
Via its wearable device, snap40 provides a complete picture of human health, allowing to identify patient deterioration and illnesses earlier for proactive healthcare.
The company’s total funding reached to $10m with the closing of latest financing.
The participants in the funding round include MMC Ventures, Craneware co-founder Gordon Craig, Skyscanner founder Gareth Williams, and Y Combinator former chief operating officer and TalkBin founder Qasar Younis.
The Scottish digital healthcare company will use the investment to accelerate its expansion into the US, where the firm has clinical trials and pilots with major hospitals and institutions engaged in identifying acutely and chronically deteriorating patients earlier.
The company provides complete and automated picture of human health. Via its wearable device, the firm monitors individuals during and after hospital admissions, as well as for chronic health conditions and in clinical trials.
As per the initial clinical trials, the firm’s AI algorithms offer understanding of acute or chronic patient deterioration earlier than standard care.
The company’s continuous and automated approach will also provide insights to doctors and nurses about health behaviors, which are expected to be unnoticed in current healthcare environments.
ADV chief investment officer Mike Dimelow said: “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.”
snap40’s HIPAA-compliant and secure mobile technology has been developed to reduce the stress and risk for doctors and nurses when administering care.
The device monitors vital signs and other data for patients to determine which patients will become ill and how, allowing earlier medical intervention and less hospital readmissions.
snap40 CEO and co-founder Christopher McCann said: “As a medical student, I witnessed patients live with long-term disability or die as a result of late recognition of their deteriorating health. This is where technology can make a difference.
“It’s a moral imperative to use all of our knowledge in science and technology to improve healthcare – that’s why Stewart and I founded snap40. Using AI to recognize illness earlier and enable earlier treatment can save lives, and it can prepare our healthcare system for the future.”