Feebris raises £1.1 million Seed funding for AI-powered disease diagnosis through 24 Haymarket and Innovate UK

  • The London-based healthtech startup has successfully secured £1.1 million seed funding, in collaboration with investment network 24 Haymarket and Innovate UK
  • Feebris is currently running a pilot with community healthcare workers in India to bring precision diagnosis for respiratory diseases to 10,000 children
  • The startup will also be working with 1,000 elderly patients in the UK to develop AI-powered remote monitoring for COPD and asthma

Founded by Elina Naydenova and Adam Bacon in 2017, and supported by healthtech accelerator HS.Google for StartupsSocial Tech Trust, and White & Case, Feebirs has just raised £1.1 million in seed funding, led by 24 Haymarket and including a grant from Innovate UK.

Feebris is an AI company developing world-class machine learning algorithms for precision detection of complex respiratory conditions in the field. Their software platform pairs with existing medical sensors and can be used intuitively by those with little or no medical training, even outside a clinic environment, to detect respiratory issues.

CEO Dr. Elina Naydenova holds a PhD in Machine Learning for Healthcare Innovation from Oxford University and created the concept for Feebris whilst interning at the World Health Organisation in 2014. “I was shocked that despite being a treatable condition, pneumonia kills one million children under-five every year – more than HIV, malaria, and TB combined. When I realised these deaths can be avoided through early diagnosis, I became obsessed with finding a way to solve the problem.”

Motivated by this, Elina has been working on this technology ever since and was also awarded $100,000 dollars in 2018 by the Children’s Prize Foundation, to scale the work in India.

“By putting our technology into the hands of frontline nurses and care workers, we will power the future of remote precision diagnosis, enabling patients to receive care before they are seriously ill, which means that clinicians are able to focus on patients rather than data. We aim to become a world-leader in the development of CE certified AI for respiratory disease diagnosis and monitoring.

This investment will support Feebris’ AI-enabled platform to continue bridging the gap between the community and providers across a range of respiratory conditions including pneumonia, COPD and asthma.”

Commenting on the investment, Paul Tselentis, CEO of 24Haymarket, said: “Feebris’s cutting-edge AI-platform has the potential to solve one of the most pressing problems in our healthcare systems and provide immense value to patients and physicians alike. This is an exciting time for Feebris; and 24Haymarket are pleased to be supporting them as they build on their early engagement with healthcare providers.”

Feebris supporters also reacted to the investment:

Dr James Somauroo Founding Partner of healthtech accelerator HS. said: “Feebris is a great example of how deep technology has been applied to a problem in healthcare by a very talented founding team with an innovative business model and we’re immensely proud to have been a part of their journey so far. This investment will enable the team to make an impact on a global scale and be a part of fundamentally changing the way that healthcare is delivered around the world, for the better.”

Marta Krupinska, Head of Google for Startups UK said “Feebris is an excellent example of a values-led company that uses technology to solve important social problems, and we’re thrilled that this is recognised by the ecosystem and the investors. We’re really excited to work with Feebris and support them on this next step in their journey”

Ed Evans, CEO of Social Tech Trust said, “We’re thrilled to see Feebris secure seed stage investment to support their growth.  Feebris share our vision for transforming the healthcare system and we see huge potential in their innovative approach.  Driven by passionate founders, I’m confident that Feebris will go on to create incredible social impact.”

About 24 Haymarket: 24Haymarket is a premium deal-by-deal investment platform focused on high-growth businesses, investing up to £5 million in any company. 24Haymarket’s Investor Network includes several highly experienced private equity and venture capital investors, seasoned entrepreneurs and senior operators. These individuals invest their own capital in direct alignment with entrepreneurs and typically seek Board representation to actively support the growth agenda. Since its inception in 2011, 24Haymarket has invested in more than 50 high-growth businesses.

About HS.: Founded by two doctors, HS. is an accelerator that builds, scales and invests in the best healthtech startups to tackle global health issues. They select talent at all stages and create a bespoke programme for each team – from individuals with ambitious ideas and excellent skillsets, to established companies looking to scale. HS. offers support to build internationally applicable technology from day one, to scale into multiple markets, including the NHS, private healthcare sector, insurance, B2C and emerging markets.

About Google for StartUps: Google for Startups is Google’s initiative to help startups thrive across every corner of the world. We bring the best of Google’s products, connections, and best practices to level the playing field for startup founders and communities, and enable startups to build something better.

About Social Tech Trust: Social Tech Trust’s purpose is to transform lives with tech and they’re dedicated to pursuing their vision of a world where social transformation is the driving force behind tech.  As a leading charity, in the last decade, the Trust has invested over £31 million and supported over 750 socially motivated tech ventures in the UK.

About White & Case: White & Case is a leading global law firm with lawyers in 44 offices across 30 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and the depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, as well as their representation in arbitration and litigation proceedings.

Manoj Ranaweera

Manoj has founded, failed and successfully exited from a number of technology product companies as well as support organisations since 2004. Among them, Northern Tech Awards and edocr.com were acquired by GP Bullhound and Accusoft, Inc respectively. Today, Manoj is building a trusted support network for technology companies. He is working with founding teams to help them accelerate including raising investment and M&A.