HealthTech start-up PinPoint Data Science has raised more than £1 million as part of an early stage funding round, with support from investment platform Angel Investment Network (AIN).
AIN was the only external organisation PinPoint accepted investment from in a round that lasted six weeks.
The PinPoint Test uses artificial intelligence and machine learning to rule out cancer from a simple blood sample, and may be used for all cancer types.
The new fund will enable implementation trials to start mid-2020, which will include research and development 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.
Giles Tully, chief executive of PinPoint, said: “These funds will help our ambition of enabling doctors to make better, smarter and more efficient decisions. In 2018, over two million patients who presented with vague symptoms were sent for testing to check for cancer. 92.6% of those patients did not have cancer and yet still had to undergo invasive diagnosis at a huge cost to the NHS and great concern for the patients.”
He added: “PinPoint has already achieved nearly 25% 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 £150 million. Our technology will save lives, improve patient experience and significantly reduce costs.”
Sam Louis, head of consultancy at AIN, said: “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.”