Brainomix, a company creating AI-powered imaging tools in stroke and lung fibrosis, has completed a £14m Series C investment round.
The University of Oxford spinout will use the funding to accelerate its US expansion, where it has recently secured 10 FDA clearances.
Fresh funding will also support the firm in advancing its portfolio of AI-powered technology in new areas, facilitating faster diagnosis and increasing access to life-saving treatments.
Having grown to a company of more than 75 staff, the MedTech plans to expand both its Oxford-based operations and global commercial team.
The round was co-led by Parkwalk Advisors, the UK’s largest growth EIS fund manager, and the Boehringer Ingelheim Venture Fund (BIVF), along with new investor Hostplus via the IP Group Hostplus Innovation Fund. It was supported by LifeSci Capital.
Brainomix now operates in more than 20 countries globally, including the US and its NICE-endorsed technology has been deployed to more than 300 hospitals, having benefitted more than 1.5m patients.
“We would like to thank all the investors that participated, including Parkwalk and Boehringer Ingelheim Venture Fund for their continued support, and welcome Hostplus, all of whom recognize the transformative impact that our technology can have on treatment for stroke and lung fibrosis patients,” said Dr Michalis Papadakis, CEO and co-founder at Brainomix.
“We will continue to harness our position and experience as a European market leader to achieve broad success in the US, helping improve patient care and access to life-changing therapies.”
John Pearson, chief investment officer at Parkwalk, added: “The potential for AI-powered platforms in healthcare to revolutionise diagnosis and treatment decisions is clear.
“Brainomix has successfully demonstrated its platform imaging software is able to deliver both significant societal impact and strong growth for investors.
“Parkwalk is excited to continue supporting a company that is creating comprehensive solutions to critical needs and implementing them at scale.”