Belfast-based Sonrai Analytics has raised £2.1m in its “seed plus” round, led by venture capital firm Forward Partners, for its medical data analysis software.
Using artificial intelligence (AI) Sonrai Analytics’ software can look for biomarkers, create algorithms and aid in getting new medical products quicker.
“This investment enables us to focus on the growth of our customer base in the US, develop our customer success strategy and expand our AI capabilities to further enable discovery in healthcare.
“We are delighted to welcome Forward Partners to the board and feel their commercial insights will help drive the business to increased success,” said Dr Darragh McArt, CEO, Sonrai Analytics.
The firm will use the investment to increase the headcount of its data science and engineering teams by eight before the end of the year. It will also ramp up its marketing operations.
The company was founded in 2018 by Dr Darragh McArt and Dr Deva Senevirathne after being spun out from Queen’s University Belfast.
Sonrai last year was awarded government funding to deliver its AI technology in NHS cancer screenings, with the goal of providing more accurate testing and faster results.
Luke Smith, investment partner, Forward Partners said: “We’ve been really impressed by the strength of Sonrai’s platform and the ability to combine multiple types of healthcare data to gain insights into patients’ health. We see the great potential it holds to accelerate new drug and healthcare developments.”
The capital was also contributed by previous investors Techstart Ventures, Co-Fund NI, QUBIS and a group of angel investors.