UK-based MedTech startup, Skin Analytics that has developed an artificial intelligence-driven skin cancer screening service has raised £4M in a Series A funding round held in September 2020, led by Hoxton Ventures along with participation from Nesta and Mustard Seed Ventures.
Proceeds from the funding round will be used to extend its focus to the U.S. after it was bestowed the “Breakthrough Device Designation” by the FDA. The award was given as part of a program intended to develop new technologies that can have a noteworthy impact on the nation’s health.
The startup will also continue forming collaborations within the U.K.’s national health service, succeeding the launch of what it claims was the world’s first “AI-driven” clinical pathway in partnership with University Hospital Birmingham.
Skin Analytics was founded in 2012 by Neil Daly and offers a CE marked medical device (DERM AI) that is able to detect skin cancers, pre-cancerous abrasions in a manner similar to a dermatologist. Its aim is to enable health ecosystems and insurers to increase dermatology capabilities by reducing a load of diagnosis for dermatologists.
Founder Neil Daly was quoted to say that, “At its most simple, skin cancer is the world’s most common cancer and incidence is increasing around the world. Overlay that with the fact there is a global shortage of dermatologists and we have a real challenge already with how we identify and deal with skin cancer”.
Skin Analytics builds a digital history of your skin so that you and your doctor can measure, monitor and understand your skin. This empowers individuals with tools that help control and improve their skin health.
Its machine learning-based algorithm, Deep Ensemble for the Recognition of Malignancy (DERM) can evaluate how one’s skin is changing by using smartphone images to recognize, inform and gauge treatment options across a roster of patient health and clinical skin conditions. This includes melanoma, the most hazardous of the common skin cancers.
The startup has raised a total of £6.3M in over 14 funding rounds, including the latest one. Investors in these rounds include Triple Point Ventures, RYSE Asset Management, Bristol Private Equity Club, SBRI Healthcare, Hot DesQ, Wisconsin Investment Partners, London Co-Investment Fund, Mustard Seed Ventures, Polar Light Ventures, Crowdcube, and some others.
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