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UK-based Altair Medical seals a £2.25M Series A funding in bid to develop their wearable AI-backed respiratory sensor and real-time monitoring platform.
Altair’s technology uses AI to accurately monitor large numbers of patients in any location at any time. By employing AI, Altair Medical aims to track and detect a host of respiratory problems in hopes to prevent large numbers of early deaths.
The funding round, led by Alba Equity, also included Equity Gap, Intuitive Investment Group plc (IIG), London and Scottish Investment Partners and Scottish Enterprise.
John Duncan of Alba Equity said in a statement:
We are delighted to support Altair with this investment, alongside a strong syndicate of investor groups. Altair are developing technology which is already demonstrating its potential to help save lives in ongoing clinical trials and this investment will allow the company to bring this to the market, offering significant benefits to a large number of patients.
Dr Stewart White of IIG shared:
IIG is a fund focussing on high potential life science business, so Altair Medical fits perfectly with our investment criteria.
The Altair technology, which is undergoing patent approval in the US and UK, has various unique properties that make it attractive for use in respiratory health applications and we’re excited to fund its development.
Furthermore, Altair’s initial funding target was significantly oversubscribed, boosted further by being awarded Breakthrough Medical Device designation from the US Food & Drug Administration (FDA).
As one of the most compact biosensors on the market with high growth potential as deduced from investors, the company hopes to pioneer the future medicine. Altair’s CEO, Dr Bruce Henderson, said in a statement:
From my work as a forensic medical examiner I witnessed a large number of preventable deaths from patients with respiratory conditions. This inspired me to build up a team of specialists to develop the technology, which is now undergoing clinical trials in a range of respiratory conditions.
We see huge potential for our device across a wide range of patients. We are delighted to have secured the backing of a syndicate of investors, which allows us to further prove the device and launch it in the UK, US and other countries in the near future.
Source: Med-Tech Innovation News