MedTech company Ultromics has raised £24 million Series B funding to further its capabilities of helping to diagnose coronary artery disease, heart failure and amyloidosis.
Founded in 2017 by Dr Ross Upton and Professor Paul Leeson as a spin out from the University of Oxford, and built in partnership with the NHS, its EchoGo Core and EchoGo Pro platforms quickly deliver highly accurate assessments of heart function.
Ultromics’ autonomous echocardiography analysis, delivered through AI, gives accurate decisions when diagnosing cardiovascular disease, the leading cause of mortality in the world.
The round was led by the Blue Venture Fund with participation from Optum Ventures, GV, and existing investor Oxford Sciences Innovation.
“Echocardiograms uploaded to the cloud and analysed by artificial intelligence are set to revolutionise cardiac disease treatment pathways by helping more people understand their risk of heart disease earlier and with greater accuracy,” said Dr. Ross Upton, CEO and co-founder of Ultromics.
“This funding with leading US-affiliated venture capital funds will allow Ultromics to dramatically accelerate the use of AI-enhanced Echo into studies that currently use more expensive and less accurate imaging techniques.”
International law firm Fieldfisher advised Ultromics on the deal.
Dr. Janita Good, co-head of Life Sciences at Fieldfisher, added: “We are delighted to have worked with Ultromics on this crucial fundraising. Ultromics’ ground-breaking technology has the power to revolutionise the way healthcare providers diagnose and then treat cardiovascular disease.
“This fundraising is another example of the appetite for the much-needed innovation that comes from the UK life sciences sector.
“Fieldfisher’s life sciences sector group has a strong reputation for working with the world’s most innovative life sciences companies bringing about real change in healthcare.
“We wish Ultromics every success in the future and look forward to seeing how they continue to grow internationally.”