UK-based diagnostic support tools developer Ultromics has secured £10m in funding during a Series A investment round led by Oxford Sciences Innovation (OSI).
The funding round was also joined by Neptune, GT Healthcare, RT Ventures, Tanarra and Fushia. Individual investors Andre Crawford-Brunt and Dieter Spälti also participated.
Established last year as a spin-out of Oxford University, Ultromics developed an artificial intelligence (AI) technology called Topological Analysis for the diagnosis of coronary heart disease.
The company intends to use the new funds to support its efforts to market the technology in the US and UK.
In addition, Ultromics plans to continue its research and development towards new cardiology diagnostic support tools such as heart screening technologies. The company will also work on valve disease, heart failure and muscle disease and cardiotoxicity areas.
Ultromics founder Ross Upton said: “Our goal is to increase accuracy, consistency and efficiency in cardiology, providing patients with a reliable test and significant saving for healthcare systems worldwide.
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“We’re delighted that we’ve secured this funding so we can commercialise this exciting technology and bring its benefits to patients everywhere.”
Topological Analysis is an echocardiography analysis algorithm designed to decrease diagnostic errors by 75% in order to improve the accuracy of diagnosis in a commonly used diagnostic test.
The technology is currently undergoing a multi-centre clinical trial being conducted at six NHS hospitals. Led by Ultromics co-founder Paul Leeson, the trial is set to extend to 20 NHS hospitals over the coming months.