LuminDx, an AI-powered smartphone app that enables front-line healthcare providers to assess skin conditions quickly and accurately, announced the closing of a $2 million seed financing round.
Argon VC, a venture capital firm specializing in seed, startup, and early-stage companies, led the seed round. Angel investors participated in the round include Bob Davoli with Gutbrain Ventures, Esther Dyson, William Crawford, Chief Technology Officer at Medically Home, and serial health tech entrepreneur Andy Palmer.
According to data provided by the company, each year, 2.3 billion people seek help for skin problems worldwide, with two-thirds of these cases assessed by non-specialists; 50% are misdiagnosed. In the U.S., 46 million are misdiagnosed and mistreated for skin conditions annually.
Additional investors who participated in the seed funding round include Flare Capital (a VC firm that invests in early-stage and emerging growth healthcare technology companies), Good Growth Capital, and TBD Angels.
“Dermatological conditions can be notoriously difficult to diagnose, and many dermatologists have months-long wait times to see new patients. This exacerbates the need for non-specialists to fill in gaps in patient care,” said Vic Lanio, Principal at Flare Capital Partners.
“LuminDx’s platform elevates the practice of dermatology for non-specialists, relieving pressure on the healthcare system, accelerating access to expert care for those in need, and enabling a better overall patient experience,” added Vic Lanio.
According to Mercom data, Flare Capital has invested over in over 20 digital health startups.
“Our goal is to help transform the dermatology field and assist primary care physicians and other providers to quickly and appropriately triage patients. LuminDx intends to improve outcomes for patients and accelerate those patients needing specialty care, so every patient gets the right care at the right time,” said Susan Conover, CEO, LuminDx.
“Closing our oversubscribed seed round allows us to access large scale image collections of skin conditions, improve our platform’s AI accuracy to the level of a dermatologist, and strategically expand our team,” said Susan in a statement.
LuminDx participated in the MassChallenge in 2018 and Techstars Boston accelerator in 2019.
mHealth Apps raised $800 million in 1H of 2020. To learn more about mHealth Apps companies, please visit: https://mercomcapital.com/digital-health-reports-news