Ultromics adds $33M to its AI-enabled cardiac imaging product portfolio

Ultromics, maker of AI-supported cardiac imaging tools, announced Monday it has raised $33 million in Series B funding. 

The funding round was led by Blue Venture Fund, a group of Blue Cross Blue Shield insurers, the Blue Cross Blue Shield Association and venture capital firm Sandbox. Optum Ventures, GV and existing investor Oxford Sciences Innovation also participated.

The UK-based health tech firm’s EchoGo Core and EchoGo Pro platforms use AI-enabled echocardiograms to help physicians diagnose coronary artery disease, heart failure and amyloidosis.

“Echocardiography is the most accessible, lowest cost, least-invasive, safest and most convenient means of imaging the heart,” Dr. Ross Upton, CEO and cofounder of Ultromics, said in a statement.

“With Ultromics’ AI, we have proven that it can now be as accurate and effective as more expensive modalities that are not available to all patients. This trio of investors presents Ultromics with a unique opportunity to substantially scale our technology globally, so that more people can get the care they need and deserve earlier.”

WHY IT MATTERS

Heart disease is the leading cause of death for men, women and people across racial and ethnic groups in the U.S. It kills about 655,000 Americans every year, according to data compiled by the Centers for Disease and Control Prevention.

Diagnosis and imaging is an area ripe for AI intervention, where studies and literature reviews note relatively high levels of error. 

According to a 2014 analysis published in BMJ Quality & Safety, about 5% of American adult patients seeking outpatient care experienced a diagnostic error. 

“Everyone knows that ultrasound is a key tool when you’re looking at the quality of diagnosis. But it does have its problems, mainly in variability and reproducibility,” said Helen Routh, PhD, Ultromics’ chair, at a HIMSS21 panel last week.

“So doing measurements in ultrasound, we know there’s a lack of consistency even between expert users. By using AI and machine learning, it’s now an assistant.”

THE LARGER TREND

Originally an Oxford University spinout, Ultromics was founded in 2017 and received £10 million ($13.8 million) in Series A funding in May 2018.

In 2020, the company partnered with the Mayo Clinic to use AI to predict and detect heart failure. 

Ultromics received FDA approval for its EchoGo Core platform in 2019, and the company’s Pro tool was cleared by the agency earlier this year. 

“COVID-19 has placed an even greater pressure on cardiac care and looks likely to have lasting implications in terms of its impact on the heart,” said Upton in a statement after the EchoGo Pro was approved. “The healthcare industry needs to quickly pivot towards AI-powered automation to reduce the time to diagnosis and improve patient care.”