1 to Watch: snap40 to accelerate growth after securing one of the largest seed funding rounds ever in Scotland
Edinburgh-based health technology start-up snap40 recently received £2m in seed funding from investment firm Par Equity.
Innovative healthtech
snap40 catch deteriorating health sooner by automatically detecting the warning signs. They have developed a single wearable health monitor that’s worn on the upper arm and which continuously monitors patient health across many different indicators – things like respiratory rate and blood pressure.
The data is then sent to snap40’s software platform where it is analysed to automatically detect the patterns that pre-empt deterioration. That information is then made available to clinicians and nurses so they can take action earlier, potentially saving the patient’s life and getting them safely home, earlier.
Christopher McCann, co-founder and chief executive, snap40:
Edinburgh is an outstanding place to be a tech startup. The breadth and diversity of tech companies here is testament to that…and there’s a shared desire to make things happen in the startup community."
The company was set up by Chris McCann in 2014 as a medical student after experiencing the problem whilst on the wards. He left medical school in 2015 and with his co-founders, David Bowie and Stewart Whiting, they built snap40.
Seed funding
The company has recently secured a £2m funding round – one of the largest ever in Scotland – led by Edinburgh-based venture capital firm Par Equity. The first tranche will see the firm gain regulatory approval in the EU, grow their engineering and data science team and gain first sales in the UK.
Co-founder and chief executive Christopher McCann said, “Edinburgh is an outstanding place to be a tech startup. The breadth and diversity of tech companies here is testament to that.”
“We set up here from the very beginning. You are never short of getting help or advice and there’s a shared desire to make things happen in the startup community,”
“There are fantastic events like Turing Festival and EIE, which are attracting world famous speakers and bringing venture capital investors from London and further afield to Edinburgh. It also helps that it’s a fantastic city with so much going on outside of the tech world," adds Chris.
International vision
“We are building a big company, headquartered in Edinburgh, that protects and safeguards not just the health of patients in the hospital, but your health as well, wherever you are in the world,” states Chris.
snap40 currently have a team of five based on Edinburgh’s Hill Street, but will be expanding to seven by Christmas. The firm are in the process of recruiting a Software Engineer and are also looking to take on an Embedded Systems Software Engineer. They have announced plans to continue their recruitment drive shortly after Christmas.