Scotland business

Edinburgh health tech firms raise millions from investors

Patient wearing a Snap40 device Image copyright Snap40
Image caption Snap40's technology includes a medical wearable device to monitor health indicators continuously

Two Scottish health tech start-ups have raised millions of pounds from investors.

Edinburgh-based Snap40 announced on Thursday it had secured $8m (£6.1m) in seed financing.

The firm uses a predictive analytics software platform to identify, in real-time, those whose health is at risk of deteriorating.

Earlier this week Edinburgh digital tech firm Care Sourcer reported it had raised £8.5m in a funding round.

It uses a technology platform which matches care seekers with care providers.

Snap40's funding round was led by patient venture investment group ADV, with participation from venture capital firm MMC Ventures.

Private investors who took part in the round included Skyscanner founder Gareth Williams and Gordon Craig, co-founder of Edinburgh-based hospital IT company Craneware.

Wearable device

Snap40's technology includes a single medical wearable device, worn on the upper arm, to monitor health indicators continuously.

The firm plans to accelerate its expansion into the US, where it it is running clinical trials and pilots with hospitals and institutions looking to identify deteriorating patients earlier, in order to reduce risk and cost while improving patient health.

Mike Dimelow, chief investment officer at ADV, said: "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."

Image copyright SPL

Meanwhile, Care Sourcer is looking to grow after raising £8.5m from two investors - Legal & General Retirement Retail and ADV.

The company plans to expand its care-matching technology UK-wide, and grow its existing team from 20 employees to 100 by the year 2020.

Care Sourcer has raised £9m to date since its launch two years ago.

Co-founder and chief executive Andrew McGinley said: "The right care is quite often out there, but people struggle to access it quickly and effectively and we know that our technology can help.

"Our team is incredibly motivated to make sure that nobody in the UK has to wait for care when they need it.

"We're already helping people here in Edinburgh and in London, and this investment allows us to expand our world-class team to bring our care-matching technology to the whole of the UK.

The company has appointed former Skyscanner chief operating officer Mark Logan to its board as a non-executive director.

Mr Logan said: "Care Sourcer is one of the UK's most exciting start-ups; it has the potential to make a hugely positive impact both on people's lives and on the entire social care system."

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