AI medtech company Brainomix has raised £16 million in its latest funding round which will see its technology expand into new territories and indications, including lung fibrosis and cancer.
The investment will build on the success of the Oxford company’s flagship e-Stroke platform, which analyses brain scans, enabling clinicians to make better life-saving decisions.
The funds will allow Brainomix to develop novel biomarkers for better treatment of lung fibrosis and cancer, which have similar unmet clinical needs to stroke.
It will also enable pharmaceutical partnerships to improve clinical trial success, foster broader adoption of existing therapies and improve outcomes, the Oxford-based company said.
Brainomix chair, Prof. Jackie Hunter CBE FMedSci FBPharmacolS FRSB, said:
“AI is transforming healthcare in multiple ways. Brainomix has a robust track record of delivering innovative AI solutions and is committed to positively impacting treatment rates and patient outcomes.
“Its e-Stroke technology is already impacting the lives of hundreds of thousands of stroke patients worldwide and, with this new investment, it has the opportunity to apply its expertise in new therapeutic areas and to scale its business model to share in the value created for pharma.”
The financing was co-led by existing investors Boehringer Ingelheim Venture Fund (BIVF) and Parkwalk Advisors, alongside new investor Tencent Holdings.
Oxford University Innovation Fund (OUIF) also participated in the round.
Dr Michalis Papadakis, Brainomix Chief Executive Officer & Co-Founder, added:
“We welcome Tencent as a highly experienced new investor and thank Parkwalk and BIVF, as well as OUIF, for their continuing support.
“This investment round attracted substantial interest, as it was clear we are at a very exciting juncture in our development and poised for substantial growth.
“This investment will allow us to grow our team, both at our Oxford site as well as globally, to support our plans for continual healthcare innovation and best-in-class technological development.”
