Cardiff-based HealthTech firm Intelligent Ultrasound has raised £6.25m in a share placing.
The firm, previously known as MedaPhor Group, has issued new shares to raise the funds, which will be used to take its products to market.
Its ScanNav product allows pregnant women to have their scans carried out at a local GP surgery, and uses AI to assist in the real-time review of the images.
The firm, which also has an office in Oxford and international operations, is also proposing a further issue of 2.5m shares.
Stuart Gall, chief executive of Intelligent Ultrasound, said it was 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.”
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.”