UK-based startup Ultromics, which uses artificial intelligence to diagnose coronary heart disease, has raised £10 million in a Series A round. The investment was led by Oxford Sciences Innovation (OSI), with participation from Neptune, RT Ventures, GT Healthcare, Tanarra, Fushia, and angel investors Andre Crawford-Brunt and Dieter Spälti.
Heart disease affects almost 50% of people over the age of 40, and is the biggest cause of death globally. Ultromics has developed an echocardiography analysis technology called Topological Analysis, which is supposed to significantly increase accuracy in the diagnosis of coronary artery disease. CEO and founder Ross Upton created the technology's AI algorithm, which is currently being evaluated in a major multi-centre trial at six NHS hospitals, soon to expand to 20 NHS hospitals.
“Our goal is to increase accuracy, consistency and efficiency in cardiology, providing patients with a reliable test and significant saving for healthcare systems worldwide," said Upton. "We’re delighted that we’ve secured this funding so we can commercialize this exciting technology and bring its benefits to patients everywhere.”
Ultromics plans to use the new funding to continue investing in research and development, to bring its technology to market in the USA, and make it available in the UK early 2019.