A MedTech company on a mission to build a future where nobody dies of skin cancer has secured £15m in Series B funding led by Intrepid Growth Partners.
This investment follows Skin Analytics’ recent EU MDR Class III CE mark approval, making its technology, DERM, the world’s first legally authorised AI medical device to independently make clinical decisions on skin cancer without human review.
The London-based firm will now use the funding to expand its focus and launch products that cover all dermatology concerns.
It will also look to expand internationally in other key markets struggling with dermatologist shortages, such as Europe and Australia, and accelerate its move into the US market.
The investment comes at a time of severe dermatologist shortages, with patients waiting months for potentially life-saving skin cancer checks.
With an average of only about 30 dermatologists per 1m population in Europe, the scarcity of practitioners is stark.
Skin Analytics’ AI medical device has already been deployed at 26 NHS sites, where it has been used in pathways that have seen more than 150,000 patients and detected over 14,000 cancers.
“AI allows us to move from a world of specialist scarcity to one where we have the capacity to see everyone who is concerned about their skin,” said Neil Daly, founder and CEO of Skin Analytics.
“Starting with skin cancer, this funding allows us to work with our partners to build new models of care that everyone can access, whenever they want to.
“That brings us closer to the world where no one dies from skin cancer. We have proven this technology in the UK and are now making it available globally.”
Mark Machin, co-founder & managing partner at Intrepid Growth Partners, added: “At Intrepid Growth Partners, we invest in transformative machine intelligence-driven solutions that address critical challenges, and Skin Analytics exemplifies this vision.
“Their technology is redefining early skin cancer detection, improving patient outcomes while reducing healthcare costs. We are excited to support their growth as they scale their impact globally.”