Oxford spinout Zegami aims for a $10m funding round to commercialise its data discovery platform.

Zegami, the Oxford University spinout that has launched global expansion efforts despite being only a few months old, has told the Australian Financial Review it is looking to raise $10m.

The company, spun out of the university’s Computational Biology Research Group in February 2016, enables its customers to search and catalogue large sets of data with a specific focus on images.

The technology, when paired with machine learning and image-based analysis, can be a powerful tool for medical diagnostics or complex multi-level searches.

The company raised an undisclosed amount in February from Oxford University’s £320m fund Oxford Sciences Innovation Fund and Parkwalk Advisors’ Oxford University Isis Fund II.

Samuel Conway, co-founder of Zegami, said: “The money that has been invested at the moment could be considered speculative investment … we have to prove we have a product, market, product verticals and that we can commercialise the software.”