Ultromics is excited to announce our latest investor, Woodford Investment Management, who have added £1m to our recently closed £10m Series A round. Woodford Investment Management joins a group of leading investors including Oxford Sciences Innovation, RT Ventures, Tanarra Capital and GT Healthcare.
Established in 2014, Woodford Investment Management is an Oxford-based fund management company founded by Neil Woodford widely acclaimed as one of the most successful and perceptive investors of his generation. The investment provides Ultromics with strategic flexibility as we prepare for release of our first product.
We couldn't have asked for a better way to end our initial funding round, commented Ross Upton, founder and CEO of Ultromics. Woodford is a high-quality investor with an excellent pedigree. The additional resources will support our long-term success and growth, but it's also a vote of confidence in the company's mission.
Around one fifth of the UK's 60,000 annual heart scans are misdiagnosed. At Ultromics, we aim to change that. Using one of the world's largest imaging databases, our AI platform can set new standards for accuracy and revolutionise cardiovascular diagnosis. Ours is a specific vision, and one we've followed since launching in May 2017. We intend to build on it in future, delivering our software to NHS Hospitals, potentially saving the service £100s of millions a year.
This latest investment, and the other investors who've contributed to our Series A funding round, will provide the resources to prepare and deliver an impactful product launch. We're delighted to have them on board, and we're looking forward to bringing our technology to as many hospitals and practices as possible.