Every day, Global University Venturing rounds up the smaller investments from across the university innovation ecosystem in its deal net.
Ultromics, a UK-based artificial intelligence tool developer spun out of University of Oxford, closed a $10m round yesterday backed by university venture fund Oxford Sciences Innovation, medical research firm Mayo Clinic and healthcare-focused investment firm Nina Capital. Ultromics develops artificial intelligence-equipped software to automatically analyse imaging scans for signs of coronary artery disease. Its first product, EchoGo Core, has been approved for use in Europe and is pending approval in the US. Ultromics has allied to several partners in the US including Mayo to evaluate how Covid-19 affects the heart, and had secured $13.4m from investors including OSI in 2018.
DiogenX, a France-based biotech spinout of Nice University and research institutes Inserm and CNRS, has closed a €4.5m ($4.8m) seed round backed by Boehringer Ingelheim Venture Fund, a subsidiary of pharmaceutical firm Boehringer Ingelheim, as well as diabetes research finance organisation JDRF’s T1D Fund and life sciences-focused venture firm Advent France Biotechnology. DiogenX is working on a drug that restores beta cells lost through the progression of type 1 diabetes. The funding will support the selection of a drug candidate ahead of preclinical development and an envisioned series A round in late 2021.
Aubotz Labs, an India-based industrial robotics business incubated by Indian Institute of Technology Bombay, has secured seed capital from accelerator Venture Catalysts and private investor Naveen Kshatriya. Although the amount was undisclosed, Venture Catalysts typically invests $250,000 to $1.5m. Aubotz Labs operates Peppermint, the developer of an industrial floor-cleaning robot it claims can help prevent Covid-19 through scrubbing, chemicals and ultraviolet light. The robot is sanctioned for floor cleaning in pharmaceuticals, logistics, manufacturing and hospitality environments.