AI company raises $55M with help from leading health systems
Ultromics, a U.K.-based healthcare company focused on using artificial intelligence (AI) to improve echocardiography evaluations, has raised $55 million in Series C financing.
The announcement comes at a momentous time for Ultromics. The company has successfully developed two separate FDA-cleared, Medicare-reimbursed software solutions for care teams—one focused on heart failure and another one focused on cardiac amyloidosis—and it is now working to expand its presence throughout the U.S. market. In addition, Ultromics is already working on developing new AI-enabled offerings that cover additional heart conditions.
The software built by Ultromics uses advanced AI algorithms to read echo results and identify various symptoms. It then generates real-time risk scores that help cardiologists make crucial treatment decisions.
“By analyzing routine echocardiograms with AI, we’re helping clinicians identify high-risk patients earlier, enabling intervention before disease progresses,” Ross Upton, PhD, CEO and founder of Ultromics, said in a statement. “We’ve spent years building our platform to fit into clinical workflows, with no extra hardware and no new friction, and this funding helps us scale that across the U.S. at a moment when health systems are actively looking to combat the growing heart failure crisis.”
Investors in this round included L&G, Allegis Capital, Lightrock, Oxford Science Enterprises, GV, Blue Venture Fund, Oxford University and the investment arms of multiple U.S. healthcare systems.
“Ultromics has established itself as an early-mover in the large and underserved cardiovascular disease market, having developed one of the first commercially available AI-powered diagnostic echocardiogram technologies,” Alastair Stewart, L&G’s head of investments related to venture capital, said in the same statement.
Michael has more than 19 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.