HealthTech start-up PinPoint Data Science has raised more than £1 million early stage funding.
Leeds-based PinPoint, which was formed in 2018 and employs a team of nine, secured the support from Angel Investment Network.
The PinPoint Test uses artificial intelligence and machine learning to rapidly ‘rule out’ cancer from a simple blood sample and may be used for all cancer types.
The new fund will enable implementation trials starting in mid-2020 and include R&D on improved versions of the product, as well as funding an expanded full time team, regulatory compliance, the purchase of new equipment and the development of new products.
“These funds will help our ambition of enabling doctors to make better, smarter and more efficient decisions,” CEO Giles Tully said.
“PinPoint has already achieved nearly 25 per cent ‘rule out’, which last year would have given over 500,000 patients peace of mind in a few days, instead of worrying for a few weeks, and saved the NHS over £150m.
“Our technology will save lives, improve patient experience and significantly reduce costs.”
Sam Louis, head of consultancy at AIN, added: “This is one of the most exciting businesses we have worked with in recent years.
“Like all the best start-ups they have developed a solution to a very real problem, but in this case it’s a problem that’s very close to home for a great number of people.
“Their solution using machine learning and AI proved hugely popular with investors and we were delighted we were the only organisation they worked with to raise the funds.
“It was really encouraging that we were able to source investors that were aligned with their vision and that they wanted to bring board.”