Scottish medtech company Current Health has raised $11.5 million (£9m) as part of a Series A funding round led by MMC Ventures.
The investment marks a major milestone for the Edinburgh-based company (formerly known as Snap40) as it plans for further international and domestic growth.
Founded in 2015 by Christopher McCann and Stewart Whiting, Current Health develops AI-enabled remote patient monitoring devices for use by medical practitioners.
The wearable device captures a patient’s vital signs and allows carers and health professionals to monitor oxygen saturation, pulse rates, respiration, whether it be in a hospital or a patient’s home.
Healthcare providers in both the UK and USA use Current Health’s tech to manage patient care. The firm has also secured three FDA 501(k) clearances for its platform.
Following this latest funding boost, the firm plans to open a US headquarters in New York City and further expand its team.
Commenting on the Series A funding success, CEO Christopher McCann said: “We’ve spent the past three years quietly and carefully building and testing our platform directly with healthcare providers.
“Now, with our platform FDA-cleared and through partnerships with some of the biggest healthcare providers and pharmaceutical companies in the world, we plan to scale our solution to better treat millions of lives over the next five years.
“By helping healthcare providers treat patients preventatively and at the earliest point, we can play a key role in enabling sustainable, high-quality and universal healthcare delivery.”
Par Equity and the Scottish Investment Bank, Scottish Enterprise’s investment arm, also participated in the funding round.
Kerry Sharp, director at Scottish Investment Bank, said: “Current Health was established to help healthcare professionals keep people healthy and alive. In a very short period of time, the company has taken its idea of proactive healthcare and developed scalable platform technology capable of achieving that aim.
“We are genuinely excited to continue our support for Current Health’s domestic and international growth.”