Intelligent Ultrasound Limited – Raises up to £1.3m in a round led by IP Group plc

October 8, 2014 -

Intelligent Ultrasound Limited, a leader in imaging analytics, whose services seek to improve quality in medical imaging, today announces that it has raised up to £1.3m in a funding round led by IP Group plc with co-investment from angel investors.

The round comprises an investment totalling up to £810k from IP Group and its managed funds, alongside £490k from a group of existing and new angel investors. The capital from IP Group comprises a first tranche on completion of £260k with a second tranche of £550k subject to the achievement of commercial milestones. The University of Oxford retains the right to further invest as part of this second tranche.

The company, spun out of the University of Oxford’s Institute of Biomedical Engineering in July 2012, sells its Intelligent Quality Analytics (“IQA”) service to providers of medical ultrasound imaging.

Using the IQA service to ensure compliance with local and national quality standards will mean that fewer patients have to be recalled for re-scans; that there are fewer missed or wrong diagnoses and; that the substantial cost of low quality scans will be significantly reduced.

Andrew Barker, Intelligent Ultrasound’s Chairman commented: “The investment and support from IP Group is an important endorsement of the potential of the IQA service to improve patient care wherever ultrasound is relied upon to aid diagnosis. The management team and I look forward to working with IP Group as we pursue our shared goals.”

Simon Graindorge, Business Development Director at IP Group, commented: “We are delighted to be working with Intelligent Ultrasound, which is now the third company that we have backed from Oxford University’s Institute of Biomedical Engineering. Healthcare systems are under pressure globally and we are excited by the prospects for Intelligent Ultrasound’s products to play a major role in solving some of the significant challenges being faced by ultrasound users and departments.”

While ultrasound is the most widely used medical imaging technology, there are well-recognised issues around scan quality and completeness. IQA will help overcome these issues by giving users, comprehensive feedback on their performance against documented standards, allowing training needs to be identified, and the impact of that training to be monitored on a continuous basis.

Andy Hill. Intelligent Ultrasound’s CEO commented: “This investment will allow Intelligent Ultrasound to accelerate development of the sophisticated computer algorithms that underpin the IQA service, allowing us to reach more customers more quickly and benefit more patients sooner.”

For further information:
Andy Hill (CEO) Intelligent Ultrasound Limited
01235 841556
andy.hill@intelligentultrasound.com
www.intelligentultrasound.com

Notes for editors:
Intelligent Ultrasound’s vision is to ensure that every patient who could benefit from a diagnosis using medical imaging gets the best possible scan so that doctors can make fully informed diagnoses quickly and begin treating patients at the earliest possible time.

Intelligent Ultrasound was spun out of the University of Oxford’s Institute of Biomedical Engineering (IBME) in July 2012. The technology underpinning the company’s core products was the brainchild of Alison Noble, OBE FREng, Technikos Professor of Biomedical Engineering at the IBME. Alison is a world expert in the computer vision and machine learning techniques that Intelligent Ultrasound’s products and services are built on.

The Company’s clinical advisor is Dr Aris Papageorghiou, a consultant obstetrician and expert in ultrasound image quality control and imaging protocol development. The Company’s management team is led by Andrew Barker (Chairman) and Andy Hill (CEO).

The Company has raised a total of £2.2m in equity finance, including an investment of £200k from the National Health Service’s National Innovation Centre. In addition the Company has secured grant funding to the value of £560k from the Technology Strategy Board.