Altair Medical raises £2.25 million in pre-series A funding round for the development of its respiratory sensor

 Altair Medical is making an impactful entry into the healthtech market after raising £2.25 million in a pre-series A funding round to further develop its respiratory sensor and real-time monitoring platform. Powered by AI, the solution detects and alerts users to adverse events in a range of respiratory conditions, contributing to earlier detection of respiratory symptoms, which could ultimately prevent early death.

The UK visionary’s main product offering is a wearable sensor that aims to radically improve patient outcomes in many clinical situations. The biosensors are among the smallest in their class and transmit data to a cloud-based platform using a data hub or smartphone. The device gives the user the ability to be alerted or to alert family members, doctor, nurse or emergency services when life-threatening changes occur. With the data stored on a cloud-based platform, the technology will be able to monitor a very large number of patients simultaneously in any location. 

According to Dr Bruce Henderson, CEO of Altair, the service was developed as a result of his extensive experience as a forensic scientist, during which he witnessed a large number of preventable deaths of patients with respiratory disorders. He assembled a team of specialists and founded Altair, which is currently undergoing clinical trials in a range of respiratory conditions. He went on to highlight the device’s potential for a wide range of patients and concluded his statement by expressing his delight at having secured “the support of a syndicate of investors, which allows us to further prove the device and launch it in the UK, US and other countries in the near future”. 

The company has far exceeded its initial funding target, demonstrating investor confidence in the project. This confidence has been reinforced by the fact that Altair has also received Breakthrough Medical Device designation from the FDA.

The funding round was led by Alba Equity, and includes investors such as Equity Gap, Intuitive Investment Group plc (IIG), London and Scottish Investment Partners and Scottish Enterprise. 

Alba Equity said it was delighted to support this visionary project alongside “a strong syndicate of investors”. John Duncan, spokesperson for Alba Equity, went on to say that Altair’s technology has already demonstrated its potential to help save lives in ongoing clinical trials and stressed the importance of this investment in bringing the solution to market, and delivering life-changing benefits to a large number of patients.

“The IIG is a fund that focuses on high-potential companies in the life sciences. Altair Medical therefore fits our investment criteria perfectly,” said Dr Stewart White of the IIG, who, following the pre-series A round, will join Altair’s board.

The technology, which is currently awaiting patent approval in the US and UK, will offer a unique range of properties that will prove valuable in respiratory health applications.

Recognised as an early stage company with strong growth potential, Altair Medical has been supported by Scottish Enterprise’s high growth team. With an estimated $8 billion global market for the device, the company is confident that with investment and support, its unique technology will secure a significant market share and improve medical outcomes for thousands of people worldwide. This initial funding will be used to validate the performance characteristics of the technology prior to seeking approval for a Class 2 medical device.  

Altair Medical was advised by Ascendant Corporate Finance and DCS Legal. The investor syndicate was advised by Wright, Johnston & Mackenzie.