Skin cancer app SkinVision raises $7.6M

The SkinVision team announced the investment of $7.6 millionin the company to support its journey of bringing convenient, accurate andquick recognition of skin cancer. This funding round has been supported bycurrent shareholders LEO Pharma, PHS Capital and a number of new high net worthimpact investors.

Founded in 2012, SkinVision is an awareness and trackingsolution that supports individuals with the early recognition of skin cancer.It is the first certified skin cancer application based on extensive clinicaltrials in partnership with LMU & Erasmus University.

In May 2018 the company won the Dutch Digital HealthChallenge for their work with Dutch health insurer CZ. The prize and the hardwork committed to further increasing the sensitivity of the service to over 94percent has also secured deals with multiple major health insurance providersacross Europe and Australasia.

The service uses clinically validated machine learningalgorithms to check for visible signs of skin cancer, comparing lesions to the3.5 million photos already checked by SkinVision dermatologists within itsdatabase. The technology indicates which skin spots should be tracked overtime, giving a low, medium or high-risk indication within 30 seconds. Allhigh-risk photos receive extra personal advice from doctors on next steps totake within 48 hours.

Speaking of what the funding means for SkinVision, CEO Erikde Heus states: “This funding will be instrumental in reaching our target ofsaving 250,000 lives by 2027. We have seen huge growth in the past year andthis 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, Australiaand Europe with increased effort to become fully part of the prevention andhealthcare path for individuals and health stakeholders. Part of this includeslocalising our services for multiple countries beyond the English, Dutch andGerman languages now available.

Artificial intelligence has been actively used by SkinVisionand offers enormous benefits in terms of health outcomes at reduced cost. Thisinvestment allows us to support the transition to value-based care offeringsand will show just how large an impact the technology is capable of bringing.”