The Oxford-based AI medical imaging platform has raised £14 million to accelerate its commercial expansion into the US, advance its portfolio of AI-powered technology and expand its team.
Oxford-based AI medical imaging platform Brainomix has raised £14 million in Series C funding. The company has now raised £41.6 million in 12 rounds of funding.
The round is co-led by existing investors, Parkwalk Advisors, the UK’s largest growth EIS fund manager, and the Boehringer Ingelheim Venture Fund (BIVF), alongside new investor Australian industry pension fund Hostplus via the IP Group Hostplus Innovation Fund. The round was supported by LifeSci Capital.
A spinout from the University of Oxford, Brainomix has developed an AI platform that automates validated imaging biomarkers to improve both diagnosis and treatment decisions. The company says that its technology has been deployed to more than 300 hospitals.
Brainomix has applied AI expertise to lung fibrosis to predict the progression of the disease. The company has an ongoing partnership with Boehringer Ingelheim to improve the identification and access to treatment for people with progressive lung fibrosis.
Commercial expansion
The new investment will enable Brainomix to accelerate its commercial expansion into the US, where the company has recently secured ten FDA clearances. Fresh funding will also support Brainomix to advance its portfolio of AI-powered technology in new areas, facilitating faster diagnosis.
The company also plans to expand both its Oxford-based operations and global commercial team.
“The AI tools developed by Brainomix are already helping patients get fast and accurate diagnosis and treatment for a range of serious conditions. Securing this funding will help them to grow, create more jobs, and support more patients,” said Patrick Vallance, UK minister of state for science, research and innovation.
