UK-based Ultromics, a company using AI for heart ultrasound diagnostics, has secured $55 million in Series C funding in a round co-led by L&G, Allegis Capital and Lightrock.
Existing investors GV, Oxford Science Enterprises, Blue Venture Fund and Oxford University participated in the round alongside major U.S. health systems, including UPMC Enterprises, UChicago Medicine's venture investment vehicle and UCM Ventures.
WHAT IT DOES
Ultromics uses AI to scan and analyze standard echocardiograms to detect complex heart conditions.
The company's FDA-cleared EchoGo, which was developed in partnership with the Mayo Clinic, aids physicians in detecting heart failure with preserved ejection fraction via echocardiogram imaging in individuals aged 25 and older. EchoGo is fully reimbursed under Medicare.
The company said it is expanding access to its offerings across the U.S. and growing its pipeline of offerings to include additional cardiac conditions and new distribution channels.
"The reality is, hospitals already have the data; they just haven't had the tools to extract the more subtle diagnostic signals from it. By analyzing routine echocardiograms with AI, we're helping clinicians identify high-risk patients earlier, enabling intervention before disease progresses," Ross Upton, 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."
MARKET SNAPSHOT
Ultromics secured 510(k) clearance for its machine learning-based decision-support system EchoGo in 2022.
According to the FDA's database, Ultromics has received several 510(k) clearances, with its first 510(k) in 2019 for its EchoGo Core cardiovascular imaging analysis system.
In 2023, Ultromics received FDA Breakthrough Device Designation for its AI tool that aims to detect cardiac amyloidosis, EchoGo Amyloidosis.
That tool analyzes echocardiograms to find signs of cardiac amyloidosis, where the protein amyloid builds up in the heart muscle and causes it to stiffen and impair its ability to pump blood.
Last year, the company announced a partnership with pharma giant Pfizer to speed up the development of EchoGo Amyloidosis and pursue FDA clearance for its platform.
In 2021, Ultromics raised $33 million in Series B funding, and it scored $10 million in 2020.
