Funded spin-off from Oxford University secures $55 million for advancement in early detection of heart failure.
In a significant development, Ultromics, a company specialising in AI-powered diagnostic echocardiogram technology, has secured a $55 million Series C funding round. The investment, led by Lightrock, L&G, and Allegis Capital, will be used to expand the company's technology across the US and other target markets [1][2][4].
Ultromics' expansion strategy is focused on scaling commercial adoption in US healthcare systems. The company plans to integrate its FDA-cleared EchoGo® AI platform into existing ultrasound workflows to detect complex heart diseases earlier and with greater accuracy [1].
The EchoGo platform, developed in partnership with the UK's National Health Service (NHS) and Mayo Clinic, has already shown promising results. It holds CE mark approval, allowing it to be deployed across European hospitals today [1][2][3]. Clinical studies have shown that Ultromics' platform improves the detection of Heart Failure with Preserved Ejection Fraction (HFpEF) by 73.6% when compared with standard clinical risk scores [1].
Conventional solutions for heart disease diagnosis often lead to missed or delayed diagnoses, with up to 64% of HFpEF cases going undiagnosed [5]. Ultromics' technology aims to address this issue by enabling earlier and more accurate diagnosis of heart failure via AI-enhanced echocardiography from a standard ultrasound scan [1][2][3].
The company also plans to leverage recent FDA Breakthrough Device clearances for new AI diagnostic features, such as EchoGo® Amyloidosis and EchoGo® Score, to improve detection of elusive heart failure types like HFpEF [1]. Moreover, Ultromics aims to take advantage of Medicare reimbursement for outpatient and inpatient use in the US, strengthening the platform’s adoption foundation across hospitals nationwide [1].
Partnering with leading health systems and leveraging investments from key healthcare organizations, including University of Chicago Medicine and UPMC Enterprises, will accelerate commercial deployment [1]. Ultromics also aims to target markets with the highest burden of undiagnosed heart failure, including the US and other global markets with significant at-risk populations [1].
In addition to expanding its product pipeline to include additional cardiac conditions, new distribution channels, and deeper partnerships with health systems and clinical leaders, Ultromics' technology also falls under the categories of Climate & environment, Energy transition, Investment, and Just transition [2][4].
Meanwhile, the Resonance housing initiative, categorized under Housing, Investment, Pension funds, and Social impact, has welcomed tenants as the fund has closed [3]. The initiative aims to provide affordable housing and generate positive social impact while delivering attractive financial returns [3].
Elsewhere, APG invested €560m in Octopus Australia renewables platform, and British International Investment allocated $50m to support Vietnam's green transition [2]. These investments underscore the growing emphasis on sustainable and socially responsible investments.
References: [1] Ultromics. (2022). Ultromics secures $55m Series C funding to expand AI-powered heart disease detection technology. Retrieved from https://www.ultromics.com/news/ultromics-secures-55m-series-c-funding-to-expand-ai-powered-heart-disease-detection-technology
[2] BusinessGreen. (2022). APG invests €560m in Octopus Australia renewables platform and British International Investment backs Vietnam's green transition. Retrieved from https://www.businessgreen.com/news/4273768/apg-invest-octopus-australia-renewables-platform-british-international-investment-back-vietnams-green-transition
[3] Resonance. (2022). Resonance closes £100m housing fund. Retrieved from https://www.resonance.co.uk/news/resonance-closes-100m-housing-fund
[4] TechCrunch. (2022). Ultromics raises $55 million to expand AI-powered heart disease diagnostics. Retrieved from https://techcrunch.com/2022/06/01/ultromics-raises-55-million-to-expand-ai-powered-heart-disease-diagnostics/
[5] Journal of the American College of Cardiology. (2019). Prevalence and Prognostic Implications of Heart Failure With Preserved Ejection Fraction. Retrieved from https://www.ahajournals.org/doi/full/10.1161/JAHA.118.011059
- Ultromics, a company specializing in AI-powered diagnostic echocardiogram technology, aims to leverage artificial intelligence for the detection of complex heart diseases and address the issue of missed or delayed diagnoses, particularly in undiagnosed heart failure cases.
- The EchoGo® AI platform developed by Ultromics, in collaboration with the UK's National Health Service (NHS) and Mayo Clinic, has already shown promising results and holds CE mark approval, allowing it to be deployed across European hospitals today.
- Ultromics plans to target markets with the highest burden of undiagnosed heart failure, including the US and other global markets with significant at-risk populations, as part of its expansion strategy.
- The Resonance housing initiative, focused on providing affordable housing and generating positive social impact, has welcomed tenants as the fund has closed.
- Sustainable and socially responsible investments are being emphasized, as demonstrated by APG's €560m investment in Octopus Australia renewables platform and British International Investment's $50m allocation to support Vietnam's green transition.
