Brainomix, an AI-powered MedTech solutions company focused on strokes, has closed a £16 million Series B financing round.
The Oxford firm will use the money to fund its expansion into new markets and new therapeutic indications, including lung fibrosis and cancer.
Brainomix has pioneered the development of an AI platform that automates validated imaging biomarkers to improve both diagnosis and treatment decisions. Its e-Stroke platform is the world’s most comprehensive stroke imaging solution and is already widely adopted in multiple healthcare systems worldwide.
The platform is the market leader in Europe and has been deployed across the UK as part of a prestigious NHSX AI in Health & Care Award granted in 2020. It is installed in hundreds of hospitals across Europe, US, South America, Asia where it has been clinically proven to drive faster treatment times and improve functional independence for stroke patients.
The financing was co-led by existing investors Boehringer Ingelheim Venture Fund (BIVF) and Parkwalk Advisors, along with new investor Tencent Holdings. It included participation from Oxford University Innovation Fund (OUIF).
“Over the past decade Brainomix has created the market for stroke AI imaging,” said Alastair Kilgour, chief investment officer at Parkwalk Advisors.
“As a spinout from the University of Oxford it is an example of the UK’s world-leading strengths in life sciences and AI-enabled medtech, combining expertise in clinical care and software development with more than 150 years’ experience in the field across its leadership team.”
Over the years, Brainomix has formed a number of value-sharing partnerships, including with Stryker Neurovascular in EMEA, Wallaby Medical in China, and the Angels Initiative, a global effort focused on stroke care improvement.
The company will build on this strong track record with a renewed focus on pharma partnerships, with an opportunity to embed Brainomix’s state-of-the-art technology in clinical trials to improve and accelerate clinical trial success, and ultimately achieve broader adoption.
Dr Michalis Papadakis, Brainomix CEO and co-founder, added: “We welcome Tencent as a highly experienced new investor and thank Parkwalk and BIVF, as well as OUIF, for their continuing support.
“This investment round attracted substantial interest, as it was clear we are at a very exciting juncture in our development and poised for substantial growth.
“This investment will allow us to grow our team, both at our Oxford site as well as globally, to support our plans for continual healthcare innovation and best-in-class technological development.”