Skin Analytics, a U.K.-based startup that develops AI algorithms for skin cancer detection, raised £4 million (~$5.2 million) in Series A funding, according to TechCrunch. The round was led by Hoxton Ventures, with participation from Nesta and Mustard Seed Ventures.
The company plans to use the new funds to expand its business search in the U.S.
Skin Analytics CE-marked medical device uses advanced AI algorithms to detect pre skin cancerous lesions at an early stage. According to the company, the algorithms recognize the most common malignant, pre-malignant, and benign skin lesions, including melanoma, the most dangerous of the common skin cancers.
“At its most simple, skin cancer is the world’s most common cancer, and the incidence is increasing around the world,” said Skin Analytics founder Neil Daly. “Overlay that with the fact there is a global shortage of dermatologists, and we have a real challenge already with how we identify and deal with skin cancer.”
“By using our service, we can reduce the number of patients who end up in hospital by 40-60%, depending on where our technology is used. That [means]… we can reduce the demand on our scarce dermatology resources, freeing them up to focus on other patients such as the inflammatory skin disease patients who often wait months for appointments. We can also reduce the cost of skin cancer, freeing up that money to be reassigned to improving care elsewhere.”
Digital Cancer care providers have raised almost $1 billion since 2010. Recently CancerIQ, a precision health platform for cancer risk assessment to hospitals, raised $4.8 million in Series A. MobileODT, a provider of an AI-powered smart cervical cancer screening device – Colposcope, raised $4 million in Series C funding, bringing its total raised to $26 million.
Learn more about other deals in this space.