HealthTech firm Biosignatures has raised £3.5m to fund its goal of developing 20 novel diagnostic screening tests.
The funding round, led by ADV, will power its effort to analyse hundreds of thousands of samples from biobanks, starting in the UK.
The firm has developed a machine ?learning system designed to be a cost-effective step forward in the discovery of new clinical diagnostic tests.
It said the tests could be performed on one blood sample and will be targeted at cancers and dementias, beginning with everyone aged 50 and over.
Its team has spent 10 years developing a machine learning and protein measurement technology with the hopes of bringing the solution to the mass market.
The company’s first product is a blood test for prostate cancer, discovered with the UK’s NHS.
In its first independently blinded validation trial it performed four times better than current clinical practice.
“We have spent? many years optimising and perfecting the large, high quality data set production capability needed for the successful application of our advanced AI discovery systems,” said Dave Bramwell, co-founder and CTO of Biosignatures.
“This work gives us confidence that the biosignatures we discover will translate and validate in the clinic.”
Will Dracup, co-founder and CEO of Biosignatures, added: “It is safe to say that if? Biosignatures can deliver on this vision – as we believe we can – it will be transformative for healthcare delivery world-wide. Vast amounts of money can be saved if an effective set of screening tests can be developed. We will literally be saving billions by saving millions.”
Mike Dimelow, Co-founder and CCO at ADV, said: “We’ve now invested more than £25m into health & wellbeing startups and have looked at hundreds more.
“Biosignatures is completely unique and has the potential to make a giant leap in diagnostic blood testing. This team is disrupting a trillion dollar industry and so competing with billion dollar companies.
“To truly fulfil this vision the team need the backing of the ecosystem and significant funding. We’ll do everything we can to back their ambition and we’re so excited to be involved.”