Ultrasound tech firm secures £3.3m investment
Ultrasound technology company Novosound has announced a £3.3m funding round.
The firm was established in 2018 by Dave Hughes, CTO, and Richard Cooper, CEO, as a spin-out from the University of the West of Scotland, where Hughes invented its core IP during his time as a Research Fellow.
Cooper brings industry expertise as a successful technology entrepreneur.
The Foresight Williams Technology EIS Fund led the round, investing £1.5m alongside £500,000 from the Foresight Scottish Growth Fund, financed by the Scottish Growth Scheme through a combination of Scottish Government funds and the European Regional Development Fund (ERDF), and £1.3m from existing shareholders including Par Equity, Kelvin Capital, Gabriel Investments, the University of the West of Scotland, and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
Its new sensor technology has enabled the company to produce higher resolution imaging, sensors that can operate continuously at high temperatures, and what it claims is world's first truly flexible ultrasound sensor.
Applications of the technology currently centre on the science and technology industry market, but it hopes to expand into the healthcare and wearables sectors in future.
The firm claims its flexible sensors significantly improve the inspection of curved surfaces in aerospace, automotive and industrial applications, including real-time monitoring of high value oil and gas assets and prediction necessary maintenance.
The investment will allow the Company to match fund a £1m research and development grant for product development from Scottish Enterprise and pursue its ambitious expansion plans into global markets and new industries.
Dave Hughes, Founder and CTO of Novosound said the investment would help the firm scale.
“We are delighted to be working with the Foresight and Williams who have proved themselves thus far as the ideal partners for our growing technology business,” he said.