Artificial intelligence (AI) health-tech company Ultromics announced today it has closed a $10 million financing round to accelerate its next stage of business growth.
The capital has been raised from existing shareholders including Oxford Sciences Innovation (OSI) and from specialist healthcare investor Nina Capital.
Dr. Ross Upton, CEO and co-founder of Ultromics, said: “To complete this financing under the shadow of a pandemic is a great endorsement of Ultromics’ recent successes and its potential as a world-class health-tech business, making a real difference to clinicians and improving patient outcomes. Nina Capital brings a strong track record and deep expertise in the health-tech sector. They will help our push into the US market and accelerate the development of new innovations and services.”
Ultromics’ first commercial product, EchoGo Core, which uses AI to read echocardiograms that help diagnose heart disease, gained FDA clearance last November. Its more advanced product, EchoGo Pro, which pushes the limits of early detection in heart disease, was CE marked for use in Europe earlier this year and is pending FDA clearance. Ultromics’ offering seamlessly plugs into hospital systems across the US and Europe, creating value in these two continents alike as evidenced by strong traction in both.
Ultromics is already working with several clinics in the US using EchoGo Core to understand how COVID-19 attacks the heart and recently launched its Catalyst service that brings the benefits of its EchoGo artificial intelligence system to accelerating clinical trials.
With increasing workloads and demand for cardiovascular care, especially during the current pandemic, Ultromics’ AI solutions support physicians by automating cardiac analysis and provide accurate and rapid results that improve care delivery and outcomes whilst reducing costs for hospitals.
Marta-Gaia Zanchi of Nina Capital said, “Ultromics presents a unique application of artificial intelligence in medical diagnostics in that it is trained on an image of moving anatomy. Most importantly, we were immediately impressed by the company’s strong health economics argument coupled with improved clinical outcomes. We are delighted to invest in Ultromics at this important stage in the company’s growth and look forward to working together to shape the future of imaging diagnostic solutions in cardiology.”
OSI is an early-stage investment firm based in Oxford, UK, which operates in partnership with the University of Oxford. It provided Ultromics with seed funding in 2017 as a spin-out of the University and further funding as part of a financing round in 2018. Matt Arnold said, “We are proud of the Ultromics team, what started off as a scientific breakthrough has turned into a great product and team that will have a major impact in healthcare. We are excited to see them take this next step in their journey.”
Mayo Clinic, a leader in cardiology practice and research, will assist Ultromics in the validation and optimization of its image analysis application, EchoGo,, as part of its know-how and clinical research agreement with the company
Simon Arkell, co-founder of Deep Lens and Predixion will join the board as a non-executive director to support Ultromics’ expansion and growth. Simon is a serial entrepreneur and co-founder of 7 venture backed software companies which together have raised over $100 million in venture funding – he will be a valuable addition to our board as we strengthen our commercial focus.
About EchoGo Core:
EchoGo Core applies artificial intelligence to automate the analysis on echocardiograms. The system has been validated with the NHS in the UK, in one of the largest echo studies of its kind, with over 8,000 patients in over 30 sites. It is a fully automated, zero-click system which has zero variability, so it allows physicians, regardless of skill level, to make an efficient and accurate diagnosis. Contact us today to learn more - firstname.lastname@example.org
EchoGo Core is FDA-cleared for use in the United States, not CE Marked for use in the European Union.