Ultromics, a cardiovascular diagnostics startup, has raised $33 million in Series B funding to accelerate the development of its AI-powered diagnostic solutions.
The funding round was led by Blue Venture Fund and counted with the participation of Optum Ventures, GV, and existing investor Oxford Sciences Innovation. The round brings the total funding raised by the startup since 2017 to $59 million. Dr. Emir Sandhu, Managing Director at the Blue Venture Fund, referred to the fund’s participation by stating:
“Cardiovascular disease is the leading cause of morbidity and mortality in the United States, and Ultromics offers groundbreaking AI solutions for more accurate diagnosis. We are excited to partner with Dr. Ross Upton and the Ultromics’ team, as they promote improved patient outcomes.”
Cardiovascular diseases are the main cause of mortality in the United States and the world, causing 17 million deaths each year. Ultromics aims to improve cardiac disease treatment by developing cardiovascular imaging solutions powered by AI and machine learning.
Two of the startup’s solutions, EchoGo Core and EchoGo Pro, are already in use by major health organizations such as the Mayo Clinic and Oregon’s Health and Science University. The startup has also partnered with the University of Oxford and the U.K.’s National Health Service (NHS) to improve its research efforts and get the business off the ground. Dr. Ross Upton, CEO and co-founder of Ultromics, referred to its technology by stating:
“Echocardiograms uploaded to the cloud and analyzed by artificial intelligence are set to revolutionize cardiac disease treatment pathways by helping more people understand their risk of heart disease earlier and with greater accuracy. This funding with leading U.S.-affiliated venture capital funds will allow Ultromics to dramatically accelerate the use of AI-enhanced Echo into studies that currently use more expensive and less accurate imaging techniques.”
Blue Venture Fund is an example of the increasing relevance of startups in the health industry, with the fund being a collaboration of over 35 companies that have pledged over $890 million to the funding of health research, with the cardiovascular diagnostics startup being one of the favored parties.