AI-powered cardiology diagnostics company Ultromics has secured a $55m (£41.4m) Series C funding round to fuel its expansion across the US.
Founded in Oxford in 2017, Ultromics develops AI technology to support clinicians in the detection of particularly elusive forms of heart failure.
According to research cited by the company, Heart Failure with Preserved Ejection Fraction (HFpEF), among the forms detected by its technology, goes diagnosed in up to 64% of cases.
“The reality is, hospitals already have the data, they just haven’t had the tools to extract diagnostic signals from it,” said Ross Upton, Ultromics founder and chief executive.
“By analysing routine echocardiograms with AI, we’re helping clinicians identify high-risk patients earlier, enabling intervention before disease progresses.”
The company is gearing up for significant scaling in the US, with its technology having already received clearance from the Food and Drug Administration (FDA) and eligibility for Medicare reimbursement.
“We’ve spent years building our platform to fit into clinical workflows, with no extra hardware and no new friction, and this funding helps us scale that across the US at a moment when health systems are actively looking to combat the growing heart failure crisis,” added Upton.
The Series C round, which follows its £24m Series B raise in 2021, was led by L&G, Allegis Capital and Lightrock.
“Ultromics has established itself as an early-mover in the large and underserved cardiovascular disease market, having developed one of the first commercially available AI-powered diagnostic echocardiogram technologies,” said Alastair Stewart, head of investments, Venture Capital, at L&G.
“This successful Series C round is a testament to the massive opportunity for cutting-edge
technology to transform how clinicians can detect and treat serious cardiovascular diseases that impact millions of people every year.”
Other participants in the round include the University of Chicago Medicine and UPMC Enterprises, the innovation, commercialisation and investment arm of UPMC (University of Pittsburgh Medical Center).