UK start-up Ultromics has secured £10m funding to advance the commercialization of artificial intelligence (AI) technology for the diagnosis of coronary heart disease.
The company received series A funding under the round led by Oxford Sciences Innovation (OSI), and the participants include Neptune, RT Ventures, GT Healthcare, Tanarra, Fushia and personal investors such as Andre Crawford-Brunt and Dieter Spälti.
Established in May 2017 as a spin out of Oxford University, Ultromics has developed echocardiography analysis technology, Topological Analysis, which will help to diagnose coronary artery disease with reduction of up to 75% diagnostic errors.
Ultromics CEO and founder Ross Upton developed the AI algorithm, which is currently being assessed in a major multi-centre trial at six NHS hospitals. The study is monitored by the firm’s co-founder Paul Leeson.
The company is also planning to expand the trial to 20 NHS hospitals by the end of this year, enabling clinicians to test new technology.
Ultromics will use the investment to commercialise the technology in the US. It is also planning to make the new technology available to clinicians by early 2019 in the UK.
The company will also continue to carry out research and development activities for the development of new diagnostic support products for cardiology, including heart screening technologies, valve disease, heart failure, heart muscle disease and cardiotoxicity.
Ultromics said the technology has been selected by the American Society of Echocardiography for the 2018 Echovation Honor Role.
Upton said: Our goal is to increase accuracy, consistency and efficiency in cardiology, providing patients with a reliable test and significant saving for healthcare systems worldwide.
“We’re delighted that we’ve secured this funding so we can commercialize this exciting technology and bring its benefits to patients everywhere.”
According to the company, heart disease affects around 50% of people over the age of 40, making it the largest killer across the globe.