Health tech startup PneumoWave has secured a £7.5m Series A investment for its wearable biosensor and to move into a bigger facility.
Glasgow-based PneumoWave is developing a wearable device for “high-risk patient groups”. The wearable monitors the lungs to provide remote diagnostics for carers and medical services.
Dr Bruce Henderson, co-founder and CEO of PneumoWave, said: “Working with leading international centres, we will now be able to accelerate our clinical validation leading to a planned regulatory submission in early 2024.”
PneumoWave said it will use the proceeds of the Series A round to boost its team from 18 to approximately 35 employees, some of which will be based in the US. PneumoWave said US expansion is a key part of its growth plans this year.
“PneumoWave are scaling up their commercial deployment significantly in 2023 and their market-leading proprietary technology and data capture will increase efficiency and reduce data burden for clinicians,” said Fraser Lusty, director of Equity Gap.
The PneumoWave Series A drew support from the Scottish National Investment Bank (£5.2 m), Scottish Enterprise, IIG, London & Scottish Investment Partners, Equity Gap, Alba Equity and Mark Bamforth from Thairm Bio.
Its technology is part of a research programme between the University of Dundee, University of Glasgow, King’s College London and NRCH and Department of Health in Victoria, Australia.