University spin-out Intelligent Ultrasound has raised £610,000 to develop software aimed at reducing the risk of incorrect or missed diagnoses.
A business aimed at cutting the costs of the National Health Service (NHS) has raised fresh capital to drive forward the development of its diagnosis software.
Intelligent Ultrasound’s software is based on research from the University of Oxford’s Institute of Biomedical Engineering in conjunction with the university’s technology transfer company Isis Innovation.
The spin-out is also supported by the NHS National Innovation Centre, a body set up to speed up the adoption of new technologies by the NHS.
According to Intelligent Ultrasound there are 200,000 ultrasound machines in use in the US and Europe. Its software is said to reduce the risk of incorrect or missed diagnoses and avoid ‘costly and inconvenient scans’.
Andy Hill, CEO of Intelligent Ultrasound, says the software will save the NHS upwards of £40 million a year in cardiology diagnostics.
The deal sees the NHS National Innovation Centre come together with nine angel investors, including the company founders and the Oxford Invention Fund, to provide the £610,000.
Alison Noble, Technikos professor of biomedical engineering and the initial research team’s leader, comments, ‘It is perhaps the most exciting time in over 20 years to work in ultrasound research due to the rapid developments in 2D and 3D imaging.
‘My laboratory at Oxford is responding to the clinical pull to dramatically reduce healthcare costs by using cost-effective technology such as ultrasound as an alternative to more costly MRI and CT scanning.’
The first version of the Intelligent Ultrasound software for use in echocardiology is projected to be available for sale in the next six months.