• TidalSense (formerly Cambridge Respiratory Innovations) is a healthtech that develops AI-driven diagnostic and monitoring technologies for COPD and asthma 
• The Cambridge-based company has developed a medical device that uses patented sensor technology to sensitively detect changes in lung function to enable faster, more accurate diagnosis of COPD
• Respiratory diseases are the third biggest cause of death worldwide and the number of patients with chronic respiratory conditions is growing
• Round led by investors BGF and Downing, will enable diagnostics solution launch

Cambridge, UK. 16 May 2023: Healthtech company TidalSense has closed a £7.5m fundraising round. 

The funding round was led by investors BGF and Downing, with the capital going towards building out TidalSense’s diagnostics business further and targeting the primary care and diagnostics provider market in the UK. 

The Cambridge-based company has created a handheld medical device (N-Tidal) that detects changes in lung function sensitively and enables quicker, more accurate and automated diagnosis of chronic obstructive pulmonary disease (COPD), with asthma to follow.  

COPD and asthma currently affect 1/10 of the world’s population, a figure that is rising steadily. It is one of the costliest conditions within healthcare systems, with the majority of costs associated with hospitalisations due to patient exacerbations in the later stages of disease. Early detection and diagnosis have the potential to slow the trajectory of the disease and globally, the COPD and asthma diagnostics and monitoring market is estimated to be $8.2 billion per year.

However, current testing for COPD and asthma involve spirometry, an 1840s technology which takes 30 minutes per test and which has a number of known shortfalls. The process is widely known to be uncomfortable for patients, requires specialist training, is time consuming for both patients and clinicians and is technique dependent, often leading to misdiagnosis. Furthermore, testing stopped during the pandemic and has had little pick up since, impacting already stretched patient wait times further; it’s estimated that in England alone, 200-250 per 500,000 of the population are awaiting a diagnostic test driving waiting times of up to 5-10 years. 

By contrast, N-Tidal’s diagnostic test will be delivered at the point of care, can be completed within less than five minutes and doesn’t require specialist training. It relies on relaxed breathing, eliminating technique-dependence and therefore reducing misdiagnosis. Furthermore, a preliminary usability study shows that 99% of patients agree that they find the test easy to perform. The device has been used on over 1000 patients, collecting over 2.3 million breaths from patients through clinical studies and trials. Using this data and the company’s AI platform, N-Tidal is able to provide near-real-time analysis of patient lung health and can provide a diagnosis within minutes. 

Dr Ameera Patel, CEO of TidalSense commented: 

“COPD is the third leading cause of death in the world and prevalence of respiratory diseases is rising. But the current clinical pathway for COPD diagnostics is stuck in the 1800s and is ineffective, inefficient and expensive. In England alone, the NHS estimates that a third of people with hospital admissions from COPD have not been diagnosed, by which point their disease has progressed, their quality of life has deteriorated and the cost to the healthcare system has ballooned. 

“Quick, reliable and accurate diagnostics have the potential to slash waiting lists and slow the trajectory of respiratory diseases. That’s why we’ve developed N-Tidal, which will enable earlier, accurate detection of COPD and will result in better patient outcomes and reduced costs for healthcare environments in the long-term.”

Tim Rea, Head of Early Stage Investments at BGF commented:

“As investors, we are focused on supporting transformational innovation. We have evaluated a broad range of propositions that involve the application of machine learning and are excited by the opportunities in the healthcare sector where we see scope to apply new tools to unmet needs.

“The number of people living with respiratory diseases, particularly COPD and asthma, is rising globally, yet diagnosis and management are poor and expensive. The current standard of care leads to increased hospitalisations and deaths, and puts additional burden onto already stretched healthcare systems. TidalSense’s solution is a prime example of where advanced machine learning techniques can be applied to deliver faster diagnostics, greater efficiencies and better patient outcomes.” 

Matt Pierce, Investment Director at Downing, said: 

“The UK currently has some extremely exciting R&D projects in the med-tech and life science sectors, which are attracting both investment and attention. TidalSense is a company which is a front-runner in cutting-edge, healthcare AI innovation, an area which has strategic importance to the UK and which also reflects global growth and demand.”   

ENDS

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Notes to Editor

Two usability studies were conducted, the first taking place between Feb 2020 and Jan 2022 and the second taking place between June 2021 and November 2022. The studies involved 864 patients and gained feedback on how easy the device was to use, look after and how easy the test was to perform.

About TidalSense

TidalSense (formerly Cambridge Respiratory Innovations) is a respiratory technology company changing the way respiratory medicine is practised. Founded in 2013 and headquartered in Cambridge, the healthtech is building AI-based diagnostic and monitoring solutions for COPD and asthma. The solutions, which use patented sensor technology, are able to detect changes in the lungs to automatically and more accurately diagnose respiratory conditions, creating efficiencies in healthcare environments and delivering a better patient experience. 

The company has received £13m in financial support to date from investors such as BGF, Downing, Foresight Group, Innovate UK, SBRI Healthcare, NIHR and ALUK. 

About BGF

BGF was set up in 2011 and has invested over £3.5bn in more than 500 companies, making it one of the largest and most experienced growth capital investors in the UK and Ireland. Investing from a balance sheet of c. £2.5bn, BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 15 offices. BGF models have now been set up in Canada and Australia, with other countries evaluating the opportunity to replicate this. www.bgf.co.uk / @BGFinvestments

About Downing LLP

Downing is a responsible investment manager established in London in 1986. The organisation currently manages £1.9 billion of assets under a broad range of investment mandates across their funds, investment trusts and tax-efficient products. As a certified B Corporation, the company is focussed on creating a sustainable future. Their key investment areas are renewable energy, infrastructure, property and healthcare.