Skin Analytics secures £15 million Series B Investment led by Intrepid Growth Partners

• Series B investment led by specialist AI  investor Intrepid Growth Partners
• Skin Analytics’ tech DERM awarded Class III CE mark for autonomous cancer detection in the EU
• Proven to be 99.8% accurate at ruling out skin cancer, exceeding the 98.9% of dermatologists

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.

Now the firm will use the funding to expand its focus and launch products that cover all dermatology concerns as well as expand internationally to other key markets struggling with dermatologist shortages such as Europe and Australia. It will also accelerate their move into the US market.

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.

Skin Analytics has already transformed dermatology within the UK. Its AI medical device has been deployed at 26 NHS sites, where it has been used in pathways that have seen more than 150,000 patients and detected over 14,000 cancers.

DERM can autonomously discharge up to 40% of urgent suspected skin cancer referrals, freeing up scarce specialist resources. It delivers unmatched accuracy, ruling out the most high risk skin cancers 99.8% of the time, exceeding the 98.9% accuracy of dermatologists. NHS Trusts across England  using DERM have reduced unnecessary face-to-face dermatology appointments by up to 95%, easing pressure on overwhelmed health systems.

“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.”

Neil Daly, founder and CEO of Skin Analytics

Intrepid Growth Partners, an AI-focused growth investor, led the round. The fund was founded by Mark Machin, former CEO of CPPIB, Mark Shulgan, former Head of Growth Equity at OMERS, and Ajay Agrawal, an expert on the economics of AI at the University of Toronto, a hub for some of the world’s most transformative AI breakthroughs.

“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.”

Mark Machin, Co-founder & Managing Partner at Intrepid Growth Partners

The fight against skin cancer is accelerating, and Skin Analytics is hiring. The company is actively recruiting top-tier AI and healthcare talent, using this funding to attract world-class professionals who want to transform cancer detection forever.

“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.”

Neil Daly, founder and CEO of Skin Analytics

How the AI in DERM Works

DERM by Skin Analytics is grounded in real-world data and supported by rigorous post-market surveillance, ensuring its effectiveness and safety in clinical applications. The AI in DERM has been built and improved over the last 12 years, having been trained on a very large dataset of images which includes skin cancers, pre-malignant skin conditions and common skin cancer mimics which are harmless but can lead to suspected cancer referrals due to clinician uncertainty. DERM is able to detect concerning patterns for skin cancer which would not have been visible with the naked eye or ordinary photograph. Based on this training, DERM is able to assess moles and skin lesions against the most common skin cancers, pre-malignant and benign skin conditions and provide a triage recommendation, ultimately reserving finite dermatology capacity for patients in greatest need.

About Skin Analytics:

• Skin Analytics was founded in 2012 by Neil Daly to help more people survive cancer
• It began providing teledermatology services in 2015 and since 2020 is now deployed in 26 NHS sites across the UK
• Skin Analytics has seen 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 is the only UKCA Class IIa certified AI Dermatology medical device in the UK and now with the EU MDR Class III approval will begin actively expanding its lifesaving services to Europe
• DERM can 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%.

About Intrepid Growth Partners

Intrepid Growth Partners is a growth equity firm based in Toronto and London, focused exclusively on the transformation of industries by machine intelligence. Founded by senior leaders from CPPIB, OMERS, and the Creative Destruction Lab, the firm invests in private, growth-stage AI companies across North America and Europe. Intrepid applies a disciplined, fundamentals-driven approach to backing AI-powered businesses that have proven product-market fit, strong unit economics, and strong scaling potential.