LANARKSHIRE-based Novosound has won £3.3m backing from investors amid excitement about the potential of its ultrasound sensors.
The University of the West of Scotland (UWS) spin out has developed thin film technology which supporters reckon could revolutionise the industry.
The funding round was supported by the Foresight Group investment business. This said Novosound had developed the world’s first truly flexible ultrasound sensor, with the ability to operate continuously at high temperatures and offer higher resolution images.
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The investment provides a huge vote of confidence in the commercial potential of the technology developed by Novosound, which was founded by scientist Dave Hughes and entrepreneur Richard Cooper.
Mr Hughes developed the core intellectual property while working as research fellow at UWS.
“Novosound is a brilliant example of the type of disruptive technology and team that we look for,” said Andrew Bloxam, senior investment manager at Foresight.
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Funds managed by Foresight invested £2m in the latest round. This included £1.5 million from a technology fund established by Foresight with the group behind the Williams Formula 1 car operation. Existing Novosound shareholders including Par Equity, Kelvin Capital and UWS invested a further £1.3m in total.
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