Ultrasound sensor specialist Novosound has signed a deal to extend its reach into the medical market following a fresh £3.7 million investment round.
Glasgow-based Novosound will partner with US-based PAVmed to develop technology to advance intravascular imaging, a catheter-based system that allows physicians to acquire images of diseased vessels from inside the artery. The agreement follows a series of deals this past year to develop Novosound's patented thin-film manufacturing process for use in the engineering, aviation and digital health sectors.
Founded in 2018, Novosound's manufacturing process eliminates conventional limitations in ultrasound sensors, including the high cost of high-resolution imaging. Lishan Aklog, chief executive of PAVmed, said this has the potential to "revolutionise" the global intravascular imaging market.
READ MORE: Glasgow remote sensor firm wins deals with industry heavyweights
“We believe Novosound’s proprietary ultrasound technology has the potential to be a once-in-a-generation breakthrough in medical imaging," he said.
Novosound chief executive Dave Hughes added: “PAVmed has a strong track record in delivering commercial stage medical technology across medical devices, diagnostics, and digital health – the group is the ideal partner for Novosound as we increasingly gain traction in the international healthcare sector.”
Novosound's latest funding round was led by Par Equity with support from Foresight Group's Williams Technology EIS Fund, Kelvin Capital, and Scottish Enterprise.
READ MORE: Lanarkshire Ultrasound pioneer wins multi-million backing
Par Equity partner Paul Munn said: “Novosound has developed best-of-class remote sensor technology that is applicable across multiple sectors, the company continues to rack up international business wins including most recently with PAVmed, and Par is pleased to continue to support Dave and his team in the months and years ahead.”
The company has announced a series of international contract wins during the last twelve months, including with aerospace groups BAE Systems and GE Aviation, and Israeli-based digital health company dSound.
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