The British medtech company Brainomix has announced that it has closed a series B funding round with a total investment of approximately £16 million.
The previous investors Parkwalk, Boehringer Ingelheim Venture Fund (BIVF) and Oxford University Innovation Fund (OUIF), who are participating again in this round, have been joined by Tencent Holdings.
WHY IT MATTERS
Brainomix recently took the decision to refocus on pharma partnerships and accelerate global market expansion. The funding will specifically be used to extrapolate new medical indications for AI-assisted biomarker imaging from the established stroke platform, initially for Interstitial Lung Disease (ILD) and cancer.
With ‘e-Stroke’, the Oxford-based specialist for biomarker imaging has developed a fully automated AI imaging solution for stroke assessment that serves two purposes: earlier diagnostics and better treatment decision-making.
The platform has been deployed across the UK, as part of the NHSX AI Health & Care Award 2020, and is also used globally across various healthcare systems.
It automates the validation of relevant biomarkers that can help prevent strokes by detecting risk factors such as cardiovascular disease and certain metabolic disorders at an early stage.
The company and its investors now hope to accelerate precision medicine for other therapeutic areas with similar unmet needs.
THE LARGER TREND
Brainomix originated as a spin-out from the University of Oxford in 2010. Its AI-powered imaging and software solutions assist physicians worldwide with live-saving decisions.
The BIVF regularly invests in biotech and early-stage companies to drive innovation in science and technology. British investor Parkwalk has invested in over 140 companies, supporting technologies from the UK’s leading universities and research organisations while Chinese investor Tencent mainly invests in innovation and technology across the internet industry.
ON THE RECORD
“Brainomix has proven its ability to deliver scalable AI-imaging solutions that have already demonstrated tremendous value to stroke patients worldwide”, stated Dr Oliver Reuss, Executive Director and Investment Manager of the BIVF.
He continued: “This financing will support the company not only to continue its market adoption for e-Stroke but will enable it to develop new AI-imaging solutions for lung conditions that can contribute to transforming patients’ lives by increasing treatment rates and medical outcome.”
Dr Michalis Papadakis, CEO and Co-founder of Brainomix, pointed out: “This investment will allow us to grow our team, both at our Oxford site as well as globally, to support our plans for continual healthcare innovation and best-in-class technological development.”