Skin Analytics raises £4m Series A led by Hoxton Ventures to continue to deploy AI skin cancer screening services
Skin Analytics, the UK-based artificial intelligence skin cancer service, today announced the completion of a £4m Series A round of financing. Hoxton Ventures led the round with participation from Nesta and Mustard Seed Ventures.
Skin Analytics’ DERM is a CE marked medical device able to identify skin cancers, pre-cancerous and benign lesions to the same level as a dermatologist. The technology has been adopted by the NHS and private insurers to increase dermatology capacity, by reducing the burden of diagnosis for dermatologists, and allowing them to focus on treatment.
Skin Analytics plans to use this investment to support and expand its partnerships within the NHS. The company launched the world’s first AI-powered clinical pathway for skin cancer in June with University Hospital Birmingham.
The new skin cancer community assessment service with University Hospital Birmingham reduces delays in skin cancer detection and treatment during the coronavirus pandemic, representing the first use of AI within secondary care dermatology worldwide. According to NHS England, 2017-2018 saw 13 million primary care consultations for skin disorders and 1.16 million referrals.
“I am delighted to announce our Series A as yet another sign of the momentum we’re building at Skin Analytics,” said Neil Daly, the founder and CEO of the company. “Hoxton Ventures has an amazing track record and we’re delighted they led the round. I’m also very happy to have Nesta and Crista Galli Ventures participate in the round as recognition for our mission to help more people survive skin cancer.”
With the new investment, Skin Analytics intends to focus on the US. It was awarded the Breakthrough Device Designation by the FDA, a programme designed to fast track innovative new technologies that can have a significant impact on the health of the US population.
This successful fundraising campaign caps a strong year for Skin Analytics and follows a series of firsts for the company including the publishing of the first powered prospective study for AI dermatology1 and launching new AI partnerships with University Hospital Birmingham2 and private health insurers3.
“It is rare to come across companies that can make a financial and societal impact like Skin Analytics,” said Hussein Kanji at Hoxton Ventures, who joined the Skin Analytics board. “Every year, 16,000 people in the UK are diagnosed with melanoma, which is the fifth most common form of cancer and doubling every ten years. We are excited to join Neil and his team in their mission to find and diagnose skin cancer early.”
- Last fall, Skin Analytics published the first AI skin cancer diagnosis study in the Journal of the American Medical Association Network (JAMA).
- Launch of a new remote skin cancer triage service with a large insurer, allowing their members to access high-quality skin cancer assessments from their own home
About Skin Analytics
Skin Analytics was formed in 2012 with the goal of helping more people survive skin cancer. Part of the Health.London accelerator, the company has built a series of clinically validated AI algorithms that can take a dermascopic image of a skin lesion and help identify skin cancer. They have spent considerable time consulting with experts in the field of skin cancer including clinical researchers, dermatologists and GP’s to make sure that they deliver a product with real clinical utility.
About Hoxton Ventures
Hoxton Ventures is an early stage venture capital firm investing in European technology startups that can scale into large, global winners. It focuses on startups that either disrupt existing industries or invent entirely new market categories. It was an early investor in Babylon Health, Darktrace and Deliveroo, and its portfolio companies have grown to an aggregate value of over $7 billion. Hoxton typically invests between $500,000 and $5 million into pre-seed, seed and Series A stage companies, and follows its capital through the life of the company. For more information please visit https://www.hoxtonventures.com.
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