A British health technology company that utilizes AI for skin cancer testing in just five minutes has secured £15m in a funding round led by a prominent global financier. Skin Analytics, known for its derm device with a 99.9% accuracy rate in diagnosing the disease, is set to announce the completion of its series B fundraising this week.
Skin Analytics, in partnership with London’s Chelsea and Westminster Hospital, is focused on expanding its capabilities in addressing various dermatological concerns with the newly injected capital. The funding round, spearheaded by Intrepid Growth Partners, an AI-focused growth investor founded by Mark Machin, a former Goldman Sachs partner and former chief executive of CPPIB, the giant Canadian pension fund. Intrepid was also co-founded by Mark Shulgan, a former executive at OMERS, another Canadian pension fund, and Ajay Agrawal, an AI economics expert at the University of Toronto.
The mission of Skin Analytics is to create a future where no one succumbs to skin cancer. DERM, the world’s first legally authorized AI medical device capable of making clinical decisions on skin cancer without doctor review, is a significant part of their strategy. With only 30 dermatologists per one million people in Europe, Skin Analytics aims to address the bottleneck in skin cancer diagnosis. Their AI medical device, deployed at 26 NHS sites, can autonomously discharge up to 40% of urgent suspected skin cancer referrals.
The deployment of DERM by NHS trusts in England has led to a reduction of unnecessary face-to-face dermatology appointments by up to 95%, thereby alleviating pressure on NHS resources. Neil Daly, founder and CEO of Skin Analytics, emphasized the role of AI in expanding access to skin health services for all individuals concerned about their skin. Since its establishment in 2012, Skin Analytics has served over 150,000 NHS patients and identified more than 14,000 cases of cancer.
Mark Machin highlighted Skin Analytics as a prime example of Intrepid’s focus on transformative machine intelligence-driven solutions that tackle critical challenges. The technology developed by Skin Analytics is revolutionizing early detection of skin cancer, improving patient outcomes, and reducing healthcare costs. Intrepid is eager to support the company’s global growth as they continue to make an impact.
The innovative work of Skin Analytics is paving the way for improved skin health services and early detection of skin cancer, ultimately contributing to better patient outcomes worldwide.
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