Scottish digital tech firm Altair Medical has secured £2.25m in funding in a pre-series A funding round.
Altair will now use the funding to continue the development of its respiratory monitoring tech, which uses AI to detect and alert medical professionals to adverse events from a range of breathing problems.
The hope is for the wearable tech to prevent early deaths and improve patient outcomes, which is particularly relevant during the Covid-19 pandemic.
Commenting on the funding round, Altair’s CEO, Dr Bruce Henderson, said: “From my work as a forensic medical examiner, I witnessed a large number of preventable deaths from patients with respiratory conditions.
“This inspired me to build up a team of specialists to develop the technology, which is now undergoing clinical trials in a range of respiratory conditions.
“We see huge potential for our device across a wide range of patients. We are delighted to have secured the backing of a syndicate of investors, which allows us to further prove the device and launch it in the UK, US and other countries in the near future.”
The tech uses a small biosensor to transmit data to a cloud platform using a data hub or smartphone. Patients, their household members, doctors, nurses or emergency services are alerted when life-threatening changes occur.
Altair Medical says that its technology will be able to “accurately monitor very large numbers of patients in any location simultaneously”.
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The firm’s original funding target has been significantly oversubscribed, with confidence in the potential of the technology further boosted with the awarding of the Breakthrough Medical Device designation from the US Food & Drug Administration (FDA).
Altair Medical’s investor syndicate was led by Alba Equity and includes Equity Gap, Intuitive Investment Group plc (IIG), London and Scottish Investment Partners and Scottish Enterprise.
John Duncan of Alba Equity commented: “We are delighted to support Altair with this investment, alongside a strong syndicate of investor groups.
“Altair are developing technology which is already demonstrating its potential to help save lives in ongoing clinical trials and this investment will allow the company to bring this to the market, offering significant benefits to a large number of patients.”