Funded spin-off from Oxford University gains $55 million to advance early detection of heart failure
In the realm of healthcare technology, Ultromics, a pioneering company specialising in AI-powered diagnostic echocardiogram technology, is making strides towards becoming a standard part of cardiac assessments in both public and private sector healthcare settings worldwide.
Led by CEO and co-founder Ross Upton, Ultromics' expansion strategy is primarily focused on scaling its presence in the US and other priority markets, including Europe. The company aims to make its AI-enhanced diagnostics a standard part of cardiac assessment workflows without requiring additional hardware, facilitating earlier and more accurate detection of heart failure, including difficult-to-diagnose forms such as HFpEF and cardiac amyloidosis.
For Europe and other target markets, Ultromics plans to build regional clusters of clinical and commercial traction. This strategy aims to enhance adoption through partnerships with major healthcare institutions and clinical experts. The company also intends to grow its product pipeline to cover more cardiac conditions, broaden distribution channels, and deepen collaborations with health systems to embed their technology within existing diagnostic workflows.
Ultromics' recent $55 million Series C funding round, co-led by Lightrock, L&G, and Allegis Capital, supports this international expansion and product development. The AI tool’s compatibility with standard echocardiograms and its FDA clearance are key advantages that position Ultromics well for transatlantic scaling. The company also benefits from collaborations with prestigious institutions like the UK’s NHS and the Mayo Clinic, and support from investors connected to both the UK and US healthcare sectors.
Notable achievements include clinical studies showing that Ultromics' platform improves the detection of heart failure with preserved ejection fraction (HFpEF) by 73.6% compared to standard clinical risk scores. The company is also expanding its product pipeline to include additional cardiac conditions, new distribution channels, and deeper partnerships with health systems and clinical leaders.
Meanwhile, Export Finance Australia has provided a $100m loan to the East Africa Agriculture and Food Investment Fund (EAAIF). This loan falls under the categories of Agri-food, Blended finance, and Startup/Scale-up. The funds will be used to support agricultural and food projects in East Africa.
In the realm of renewable energy, the European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), and SEB have provided €84.8m in loans for solar projects in Latvia. These loans are categorized under Climate & environment, Energy transition, EU funding, and Infrastructure.
Elsewhere, Cibus Capital co-led a $40m investment in a robot mushroom project. This investment falls under the Startup/Scale-up category.
These developments underscore the dynamic and diverse landscape of innovation and investment in various sectors, from healthcare technology to agriculture and renewable energy.
- Ultromics, a company specializing in AI-powered diagnostic echocardiogram technology, is leveraging venture capital, aiming to make its AI-enhanced diagnostics a standard part of cardiac assessment workflows.
- The company's CEO, Ross Upton, is leading the expansion strategy, which focuses on scaling presence in the US and Europe, while deepening collaborations with health systems and clinical leaders.
- Science and technology are key elements in Ultromics' growth, as they help in earlier and more accurate detection of heart failure, including HFpEF and cardiac amyloidosis.
- In the world of agriculture, Export Finance Australia has provided a loan to the East Africa Agriculture and Food Investment Fund, a project categorized under Agri-food, Blended finance, and Startup/Scale-up.
- Similarly, the European Bank for Reconstruction and Development, European Investment Bank, and SEB have backed solar projects in Latvia, falling under Climate & environment, Energy transition, EU funding, and Infrastructure.
- Cibus Capital, on the other hand, co-led a $40m investment in a robot mushroom project, categorized under Startup/Scale-up, showcasing the dynamism and diversity in investment opportunities in various sectors, including health-and-wellness, technology, and business.
