PinPoint raises £1m with support from Angel Investment Network to fund early cancer detection

HealthTech startup PinPoint Data Science has successfully raised over £1m, supported by Angel Investment Network (AIN).

The PinPoint Test uses AI/Machine Learning to rapidly ‘rule out’ cancer from a simple blood sample. It may be used for all cancer types. AIN was the only external organisation PinPoint accepted investment from in a round that lasted just six weeks.

The investment will be used for implementation trials starting mid-2020. It will also include R&D on improved versions of the product, an expanded full time team, regulatory compliance, the purchase of new equipment and the development of new products. Leeds-based PinPoint was formed in 2018 and now has a team of nine working full time. 

According to the CEO Giles Tully: “These funds will help our ambition of enabling doctors to make better, smarter and more efficient decisions. In 2018, over two million patients who presented with vague symptoms were sent for testing to check for cancer. 92.6% of those patients did not have cancer and yet still had to undergo invasive diagnosis at a huge cost to the NHS and great concern for the patients. PinPoint has already achieved nearly 25% rule out. Last year this would have given over 500,000 patients peace of mind in a few days and saved the NHS over £150m. Our technology will save lives, improve patient experience and significantly reduce costs.”

According to Sam Louis, Head of Consultancy at AIN, who led the fundraise: “This is one of the most exciting businesses we have worked with in recent years. Like all the best startups they have developed a solution to a very real problem. In this case it’s a problem that’s very close to home for a great number of people. We were delighted we were the only organisation they worked with to raise the funds. It was really encouraging the investors we sourced were aligned with their vision.”

PinPoint is one of the companies featured on the new SeedTribe website. SeedTribe, powered by AIN, is an online community connecting profit-with-purpose startups with expertise and investment.

High-End London Baker Orée Raises £425,000 Funding in Angel Investment Round

London-based bakery, Orée, has raised £425,000 through Angel Investment Network (AIN) the UK’s largest online platform connecting angel investors with startup businesses.

The French-style, high-end bakery started trading in March 2016 and currently has two shops at 275/277 Fulham Road and 147 Kensington High Street. The concept is bringing ‘a taste of the boulangeries and patisseries of rural France to London’. The funding will finance the opening of the next shop based in Covent Garden with a further location in London Bridge set for later in the year. The ambition is for more than a dozen shops across London and an international expansion.

The raise is one of the largest for a food business in AIN’s 14-year history. The highest to date was the £600k raise for Rosa’s Thai Cafe which raised £500k through AIN in 2014 and has since delivered returns to investors via a private equity buyout.

The combination of Orée’s high-quality product offering and high-end, high footfall locations across London, gives it a strong position within the food retail industry and made it an attractive proposition for AIN’s network of investors. Orée bridges the £8bn bakery market and the £6bn café and coffee shop market, both experiencing annual growth of 2.5% and 5.7% respectively. According to data from AIN, food and beverage was the second most popular category among angel investors in the UK for 2018, losing out only to software.

Xavier Ballester, Director at Angel Investment Network who brokered the deal, said: “Orée was of strong interest to our investors with its offering of a premium, authentic French Patisserie to a market that is increasingly captivated by continental cuisine. It satisfies several consumer trends that have characterised the UK casual dining market in the past couple of years, including ‘premiumisation’ and a concern for provenance.