Ultromics, a developer of AI enabled cardiovascular imaging solutions, has announced that it has raised US$33 million in a Series B funding round. The round was led by the Blue Venture Fund with participation from Optum Ventures, GV, and existing investor Oxford Sciences Innovation.
In a press release, the company said it will use the new funding to help accelerate the use of AI-enabled echocardiograms to help improve patient care, and bring improved diagnostic quality and resource savings to hospitals.
“Echocardiograms uploaded to the cloud and analysed by AI are set to revolutionise cardiac disease treatment pathways by helping more people understand their risk of heart disease earlier and with greater accuracy,” said Ross Upton, CEO and co-founder of Ultromics. “This funding with leading US-affiliated venture capital funds will allow Ultromics to dramatically accelerate the use of AI-enhanced Echo into studies that currently use more expensive and less accurate imaging techniques.”
Ultromics’ EchoGo Core and EchoGo Pro platforms deliver assessments of heart function that support the diagnosis of coronary artery disease, heart failure and amyloidosis.
Both were spun out of the University of Oxford and built-in partnership with the UK’s National Health Service (NHS). Oxford Sciences Innovation, an organisation that helps scientific breakthroughs become world-changing businesses, helped get Ultromics’ business off the ground, and doubled down on its support of Ultromics during the Series B funding round.
Blue Venture Fund—a collaboration among Blue Cross Blue Shield (BCBS) companies, the Blue Cross Blue Shield Association, and Sandbox—to which 35 BCBS companies have committed over US$890 million across four funds, led the Series B round to help accelerate adoption of AI-enabled echocardiograms and address impact of cardiovascular disease on Americans.
“Cardiovascular disease is the leading cause of morbidity and mortality in the USA, and Ultromics offers groundbreaking AI solutions for more accurate diagnosis,” said Emir Sandhu, managing director at the Blue Venture Fund. “We are excited to partner with Ross Upton and the Ultromics’ team, as they promote improved patient outcomes.”