Oxford-based Ultromics has raised US$33m (£24m) in Series B funding to further develop its AI enabled cardiovascular imaging solutions, which aim to improve patient outcomes for those receiving cardiac disease treatment.
According to the University of Oxford spin-out, cardiovascular disease is the leading cause of mortality in the world, with an estimated 17 million deaths each year. Ultromics now intends to accelerate the use of AI-enabled echocardiograms to bring improved diagnostic quality and resource savings to hospitals.
“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 of Ultromics.
The company’s EchoGo Core and EchoGo Pro platforms quickly deliver highly accurate assessments of heart function that support the diagnosis of coronary artery disease, heart failure and amyloidosis.
The round was led by the Blue Venture Fund with participation from Optum Ventures, GV, and existing investor Oxford Sciences Innovation, an organisation that helps scientific breakthroughs become “world-changing” businesses.
“This funding with leading U.S.-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,” adds Upton.
EchoGo Core and EchoGo Pro are already being validated and used by several organisations and hospitals in the U.S.
“Echocardiography is the most accessible, lowest cost, least-invasive, safest and most convenient means of imaging the heart,” said Upton.
“With Ultromics’ AI, we have proven that it can now be as accurate and effective as more expensive modalities that are not available to all patients. This trio of investors presents Ultromics with a unique opportunity to substantially scale our technology globally, so that more people can get the care they need and deserve earlier.
“This Series B funding round will propel our company forward to a place that transforms disease pathways and saves more lives.”
