Ultromics bolts to $33m series B round

Ultromics, a UK-based cardiovascular imaging technology provider spun out of University of Oxford, secured $33m yesterday in a series B round featuring the university’s venture capital partner, Oxford Sciences Innovation (OSI).
The round was led by Blue Venture Fund, a vehicle backed by 35 Blue Cross and Blue Shield Association health insurers, and also featured internet and technology group Alphabet’s GV unit as well as Optum Ventures, the corporate venturing arm of health services provider Optum.
Founded in 2017, Ultromics has developed two systems – EchoGo Core and EchoGo Pro – in partnership with the UK’s National Health Service that are designed to quickly and accurately check echocardiograms to assess heart condition.
By uploading echocardiograms to the cloud and analysing them using artificial intelligence, the technology can support rapid and accurate assessments in the diagnoses of heart conditions like coronary artery disease and amyloidosis.
OSI had seeded Ultromics with roughly $2.7m back in 2017 when the company was spun out. It then led a $13.4m series A round the following year that was also backed by Neptune, RT Ventures, GT Healthcare, Tanarra, Fushia, Andre Crawford-Brunt and Dieter Spälti.
The company added $10m from OSI, medical care and research provider Mayo Clinic and Nina Capital in June 2020.
Ultormics co-founder and CEO Ross Upton said: “Echocardiography is the most accessible, lowest cost, least-invasive, safest and most convenient means of imaging the heart.
“With Ultromics’ AI, we have proven that it can now be as accurate and effective as more expensive modalities that are not available to all patients. This trio of (new) investors presents Ultromics with a unique opportunity to substantially scale our technology globally, so that more people can get the care they need and deserve earlier.”