Intelligent ultrasound Ltd based at Cardiff Medicentre a software and simulation company has raised more than £6m in a share placing that will support the launch of new products.
Intelligent Ultrasound – previously MedaPhor Group – conditionally issued 62.5 million placing shares to new and existing institutional investors to raise £6.25m.
It has also proposed an open offer to raise up to £25,000 through the issue of 2.5 million shares.
Stuart Gall, chief executive of Intelligent Ultrasound, said: “This is an exciting time for the group.
“The fundraise will enable us to bring our first Intelligent Ultrasound products to market under the group’s recently signed OEM agreement, complete the development and launch our second AI product, as well as accelerating the development of a range of follow-on clinical AI products.”
ScanNav uses artificial intelligence technology to support and guide sonographers in real-time as they perform 20-week pregnancy scans.
Stuart Gall added: “We believe the market for AI-based software tools, in the real-time ultrasound image analysis sector, has considerable potential and we would like to thank both our new and existing shareholders for their support.”
Intelligent Ultrasound is headquartered in Cardiff and has another UK base in Oxford. Is also has operations in Atlanta, as well as representation in Beijing.
In the six months to 30 June 2019 the business generated revenues of £3.1m, an increase of 24 per cent.