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Caristo Diagnostics has raised £13m ($16.3m) in a Series A financing round to advance its CaRi-Heart technology for cardiac disease detection into standards of cardiac care in major global markets.

Led by Oxford Science Enterprises, the financing round saw participation from many investors including Oxford Investment Consultants, BGF, Oxford University and Longwall Venture Partners.

CaRi-Heart is an artificial intelligence (AI)-assisted diagnostics and risk prediction tool, which is designed to support the diagnosis of coronary artery disease and offer an improved prediction of disease risk.

Using the company’s Fat Attenuation Index (FAI) technology, the advanced AI algorithms of the tool enable health specialists to obtain coronary inflammation measurements from cardiac computed tomography angiography (CCTA) scans.

The FAI Score determines the risk of cardiac mortality caused by coronary inflammation.

In addition, CaRi-Heart technology also offers long-term cardiac mortality risk by combining coronary inflammation with standard clinic risk factors, as well as the coronary plaques’ presence.

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By GlobalData

Coinciding with the fundraising announcement, Caristo Diagnostics has welcomed Frank Cheng as its new CEO.

Frank Cheng said: “Caristo has been on an exciting journey since 2018 as the company turned a scientific idea into a validated clinical offering, protected our intellectual property, published impressive results in leading peer-reviewed medical journals and secured initial regulatory approvals.

“Our Series A fundraise will accelerate Caristo’s growth in our existing UK and EU markets, while we lay solid foundations for US market entry.”