Brainomix, an Oxford-based medical diagnostics software company, has secured £16m ($21.2m) funding to make its AI-powered stroke imaging solution capable of diagnosing other diseases such as lung fibrosis and cancer.
The Series B round was co-led by existing investors Boehringer Ingelheim Venture Fund (BIVF) and Parkwalk Advisors, and new investor Tencent Holdings. The Oxford University Innovation Fund (OUIF) also participated.
The latest funding will enable Brainomix to expand into new markets, as well as adapt its software to look for other therapeutic indicators.
Founded in 2010 by Andrew Barker and Michalis Papadakis, Brainomix has developed an AI-powered imaging tool for detecting biomarkers – medical characteristics that indicate a specific disease – to improve both diagnosis and treatment decisions.
The company’s e-Stroke platform provides clinicians with a comprehensive stroke imaging solution available on a smartphone app for patients with suspected stroke.
Dr Michalis Papadakis, Brainomix CEO and co-founder, added: “We welcome Tencent as a highly experienced new investor and thank Parkwalk and BIVF, as well as OUIF, for their continuing support. This investment round attracted substantial interest, as it was clear we are at a very exciting juncture in our development and poised for substantial growth.”
The platform is deployed across the UK as part of an NHSX AI in Health & Care Award granted in 2020. On top of that, it is used in numerous hospitals across Europe, the US, South America, and Asia.
Chair of Brainomix Prof. Jackie Hunter CBE FMedSci FBPharmacolS FRSB concluded: “AI is transforming healthcare in multiple ways. Brainomix has a robust track record of delivering innovative AI solutions and is committed to positively impacting treatment rates and patient outcomes. Its e-Stroke technology is already impacting the lives of hundreds of thousands of stroke patients worldwide and with this new investment, it has the opportunity to apply its expertise in new therapeutic areas and to scale its business model to share in the value created for pharma.”
Established as a spin-off of Oxford University, Brainomix has partnered with Stryker Neurovascular in EMEA, Wallaby Medical in China, and the Angels Initiative, a global effort focused on stroke care improvement.