PinPoint raises £1m to fund early stage cancer detection
Leeds-based 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.
The PinPoint Test uses AI/Machine Learning to rapidly ‘rule out’ cancer from a simple blood sample, and may be used for all cancer types. AIN was the only external organisation PinPoint accepted investment from in a round that lasted just six weeks.
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. Leeds-based PinPoint was formed in 2018 and now has a team of nine working full time.
According to the CEO Giles Tully: “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.
“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."
Sam Louis, Head of Consultancy at AIN, who led the fundraise, commented: “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.”