A startup from the city of Nottingham called BlueSkeye AI has received $3.4 million in funding. This health tech company’s investors included XTX Ventures, which is also invested in WealthKernel, as well as Praetura Ventures, which is partnered with Praetura’s GMC Life Sciences Fund. Additionally, The Midlands Engine Investment Fund invested in Praetura’s fund and the University of Nottingham partnered up with the startup.
The company plans to use the funding to rapidly expand into many different areas of healthcare and well-being, including non-clinical routes. They hope to change patient pathways at a large scale.
This will help companies develop new products that diagnose mental illnesses such as anxiety and depression. It will also give health care providers access to the worldwide need for early diagnosis of these disorders.
BlueSkeye AI plans to augment its presence in the North West of England with a physical location by expanding their operation.
BlueSkeye AI CEO Professor Michel Valstar believes that the need for alternative methods of accessing mental healthcare is enormous. He believes traditional methods of healthcare are outdated and no longer effective. As part of his goal to improve the quality of people’s lives, Valstar is focused on the perinatal mental health sector. He has worked with Praetura Ventures, XTX Ventures and Foresight Group to increase access to new clinical trials and product development opportunities. Through this partnership, he hopes to advance the benefits of technology in healthcare around the world.
Detect Mental Health Disorders Through AI
Approximately one quarter of the UK’s population will experience some sort of mental health issue in their lifetimes. This affects over four million people, who are estimated to cost the economy £117.9 billion. All new cars sold in the EU by 2024 must have camera-based driver safety monitoring systems installed.
In 2019, Professor Michel Valstar, the company’s CEO, spun out The University of Nottingham’s School of Computer Science from his duties. Additionally, Chief Software Engineer Dr. Timur Almaev and the school’s Chief Technology Officer Dr. Anthony Brown joined the company.
The company’s mobile app uses proprietary technology powered by artificial intelligence to detect mental health disorders such as anxiety and depression. This technology is able to perform interactive tasks while also analyzing the user’s face and voice.
BlueSkeye AI’s mobile apps provide objective mental health data that’s accessible at an affordable price. By building these apps, they aim to improve the well-being of patients and increase their chances of successful outcomes.