Sky News has learned that Skin Analytics, the company behind a groundbreaking AI-powered dermatology device, is set to announce the successful closure of its Series B fundraising round this week. The device, known for its 99.9% accuracy rate in diagnosing skin cancer, is poised for expansion into a wider range of dermatological applications.
This funding round was led by Intrepid Growth Partners, a venture capital firm specializing in AI-driven companies. The firm was founded by Mark Machin, a former Goldman Sachs partner and ex-CEO of the Canada Pension Plan Investment Board (CPPIB), alongside Mark Shulgan, a former executive at OMERS, and Ajay Agrawal, a professor of AI economics at the University of Toronto.
Skin Analytics has partnered with London’s Chelsea and Westminster Hospital to create what has been hailed as a “world first” in AI dermatology. The company plans to use its newly acquired capital to further develop its capabilities in addressing a variety of dermatological conditions, beginning with skin cancer.
Skin Analytics’ flagship product, DERM, is the first AI medical device legally authorized to make clinical decisions about skin cancer without requiring a doctor’s review. With a shortage of dermatologists, particularly in Europe, Skin Analytics aims to address a key bottleneck in the early diagnosis of skin cancer. In Europe, there are only about 30 dermatologists per million people, making timely access to specialists difficult.
The DERM device has already been implemented in 26 NHS sites across the UK. According to Skin Analytics, the device is capable of autonomously discharging up to 40% of urgent suspected skin cancer referrals. The company also claims that NHS trusts using DERM have reduced unnecessary face-to-face dermatology appointments by up to 95%, helping to alleviate pressure on the NHS system.
Neil Daly, the CEO and founder of Skin Analytics, highlighted the significance of the AI technology. “AI allows us to move from a world of specialist scarcity to one where we can see everyone who is concerned about their skin,” Daly said. “This funding will enable us to work with our partners to create new, accessible models of care.”
Founded in 2012, Skin Analytics has already made significant strides in the healthcare sector. The company reports having served over 150,000 NHS patients and detected more than 14,000 cases of skin cancer to date.
Mark Machin, co-founder of Intrepid Growth Partners, praised Skin Analytics for its transformative potential. “Their technology is revolutionizing early skin cancer detection, improving patient outcomes while also lowering healthcare costs,” Machin said. “We are excited to support their global expansion.”
With the closing of this funding round, Skin Analytics is poised to scale its impact worldwide, offering hope for more accessible and efficient skin cancer detection.
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