The SkinVision team announced the investment of $7.6 million in the company to support its journey of bringing convenient, accurate and quick recognition of skin cancer. This funding round has been supported by current shareholders LEO Pharma, PHS Capital and a number of new high net worth impact investors.
Founded in 2012, SkinVision is an awareness and tracking solution that supports individuals with the early recognition of skin cancer. It is the first certified skin cancer application based on extensive clinical trials in partnership with LMU & Erasmus University.
In May 2018 the company won the Dutch Digital Health Challenge for their work with Dutch health insurer CZ. The prize and the hard work committed to further increasing the sensitivity of the service to over 94 percent has also secured deals with multiple major health insurance providers across Europe and Australasia.
The service uses clinically validated machine learning algorithms to check for visible signs of skin cancer, comparing lesions to the 3.5 million photos already checked by SkinVision dermatologists within its database. The technology indicates which skin spots should be tracked over time, giving a low, medium or high-risk indication within 30 seconds. All high-risk photos receive extra personal advice from doctors on next steps to take within 48 hours.
Speaking of what the funding means for SkinVision, CEO Erik de Heus states: “This funding will be instrumental in reaching our target of saving 250,000 lives by 2027. We have seen huge growth in the past year and this investment will help us to expand our insurance provider partnerships, ensuring that as many people as possible are provided access to the technology.
We will continue to focus on our target markets UK, Australia and Europe with increased effort to become fully part of the prevention and healthcare path for individuals and health stakeholders. Part of this includes localising our services for multiple countries beyond the English, Dutch and German languages now available.
Artificial intelligence has been actively used by SkinVision and offers enormous benefits in terms of health outcomes at reduced cost. This investment allows us to support the transition to value-based care offerings and will show just how large an impact the technology is capable of bringing.”