An Oxford, England-based artificial intelligence firm has raised $10 million in new capital from investors including the Mayo Clinic and is eyeing further expansion into the U.S.
Other existing shareholders including Barcelona health tech investment firm Nina Capital and Oxford Sciences Innovation also pitched in, Ultromics announced Monday. The firm scored its first clearance from the U.S. Food and Drug Administration last year for its EchoGo Core, which automates the analysis of heart ultrasound scans.
A more advanced version of that product, the EchoGo Pro, can predict coronary artery disease from heart imaging, Ultromics said. The AI tool earned approval for use in Europe, with U.S. FDA clearance currently pending.
“Mayo Clinic and Nina Capital bring a strong track record and deep expertise in the health-tech sector. They will help our push into the U.S. market and accelerate the development of new innovations and services,” Ultromics CEO Ross Upton, PhD, said in a June 15 statement.
The company is also currently working with “several” providers in the states including Mayo, using its AI system to analyze how COVID-19 affects the heart. Upton—a Forbes “30 under 30” honoree last year—first founded the company in 2017, launching Ultromics with seed funding from the University of Oxford’s venture capital investment partner, OSI.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.