Skin Analytics, a HealthTech company focused on building a future where “nobody dies of skin cancer”, has secured €17.5 million in Series B funding led by Intrepid Growth Partners in order to expand to Europe and Australia, as well as the US market.
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.
Neil Daly, Founder and CEO of Skin Analytics, said: “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. 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.”
Founded in 2012 by Neil Daly, Skin Analytics began providing teledermatology services in 2015 and since 2020 is now deployed in 26 NHS sites across the UK. According to figures provided by Skin Analytics, they have consulted more than 150,000 NHS patients and detected more than 14,000 cancers. Post-market surveillance has shown that DERM found 97% of cancers with a Negative Predictive Value (NPV) of 99.8%, compared to face-to-face dermatologist evaluations of 98.9%.
DERM can reportedly autonomously discharge up to 40% of urgent suspected skin cancer referrals. Settings in which DERM has been deployed have been able to reduce the number of face-to-face dermatologist appointments required for the volume of suspected skin cancer referrals by 60-95%.
The investment comes as healthcare systems worldwide buckle under unprecedented dermatologist shortages with patients waiting months for potentially life-saving skin cancer checks. With an average of only about 30 dermatologists per 1 million population in Europe the scarcity of practitioners is stark particularly when considering that skin-related issues consistently rank among the top 10 reasons for initial doctor visits – according to Skin Analytics.
Mark Machin, Co-founder & Managing Partner at Intrepid Growth Partners, commented: “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.”
Daly added: “This is just the beginning. AI will allow us to redesign healthcare systems around the world to the benefit of patients. The faster we scale, the more lives we can impact. That mission drives us every day.“
