PneumoWave, a provider of a biosensor system for remote respiratory health monitoring, raised £7.5 million in Series A funding.
According to the company’s press release, the investment round comprises £5.2 million equity from new investors Scottish National Investment Bank and £2.3 million from existing investors Scottish Enterprise, IIG, Equity Gap, Alba Equity, and London & Scottish Investment Partners. Boston-based life science investor Mark Bamforth (of Thairm Bio) also participated in the investment round.
Commenting on the funding news, PneumoWave co-founder and CEO, Bruce Henderson, said: “We are delighted to close this round and thank both our existing investors and the Scottish National Investment Bank for their support.”
“Working with leading international centers, we will now be able to accelerate our clinical validation leading to a planned regulatory submission in early 2024.”
“We believe our platform will provide an invaluable tool for increasing the effectiveness of opioid use disorder treatment programs as well as respiratory disorders in general. In addition, as a consequence of this investment, the company is moving to larger premises here at Eurocentral and will increase the team size from 18 to around 35, including a number of staff in the US,” added Bruce Henderson
Ascendant Corporate Finance and DCS Legal advised PneumoWave on this funding round.
Remote patient monitoring companies have raised more than $6 billion in funding to date, according to our funding database. More recently, BeatO, a provider of a remote wireless diabetes monitoring glucometer system, raised $33 million in Series B funding led by Lightrock India with participation from eealthQuad and Flipkart Ventures. In another deal, Lumen, a provider of wireless personal metabolic testing and tracking device system to athletes, hospitals and clinics, raised $62 million in Series B funding led by Pitango Venture Capital with participation from Hanwha Group, Resolute Ventures, RiverPark Ventures, Unorthodox Ventures, Almeda Capital, and Disruptive VC.