$7.6 million has been granted to SkinVision, an Amsterdam-based skin cancer screening app, as backing from active investors Leo Pharma and PHS Fund, with supplementary aid from unnamed new sponsors which the company called "high net worth impact investors."

The company was launched in 2012 as Skin Scan and received a large funding of a $3.4 million in 2015, followed by extra support from Leo in 2017. The total funding of the company including the $7.6 million, sums up to $13 million.

"This funding will be instrumental in reaching our target of saving 250,000 lives by 2027," CEO Erik de Heus said in a statement. "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."

Though SkinVision is chiefly trying to offer the service through insurance providers, they also propose an alternative that reaches consumers directly which has aided them to prepare their algorithms.

"The camera technology allows customers to take a photo automatically," de Heus told MobiHealthNews. "So when you hold your phone next to the lesion, the camera automatically detects the lesion and takes a photo. That photo is then run through a whole pipeline of machine learning networks that recognize the image and rate it as high, low, or medium risk; a traffic light system. This is all done within 20 seconds and this message is provided back to the customer. If it’s high risk, within 48 hours our dermatologists can get back to the customer."

SkinVision foresees a US launch and hence, will also utilize the funding to work towards an FDA submission.