HealthTech startup PinPoint Data Science has successfully raised over £1m as part of an early stage funding round, with support from Angel Investment Network (AIN), the world’s largest angel investment platform.
Leeds-based PinPoint was formed in 2018 and now has a team of nine. The new fund will enable implementation trials starting mid-2020. It will 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.
CEO Giles Tully said: “These funds will help our ambition of enabling doctors to make better, smarter and more efficient decisions.
“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 £150m. Our technology will save lives, improve patient experience and significantly reduce costs.”
According to Sam Louis, Head of Consultancy at AIN, who led the fundraise: “This is one of the most exciting businesses we have worked with in recent years. Like all the best startups 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.”
PinPoint is one of the companies featured on the new SeedTribe website. SeedTribe, powered by AIN, is an online community connecting profit-with-purpose startups with expertise and investment.
