Brainomix eyes US growth after $18m Series C round
The funding round is co-led by prominent HealthTech investors that include existing investors, Parkwalk Advisors – the UK’s largest growth EIS fund manager and with interests in spin-outs from Cambridge and Oxford – plus the Boehringer Ingelheim Venture Fund along with new investor Hostplus via the IP Group Hostplus Innovation Fund.
Hostplus is a leading Australian industry superannuation fund with over AUD$120 billion under management. The round was supported by LifeSci Capital.
A spinout from the University of Oxford, Brainomix now operates in more than 20 countries globally, including the US. It has pioneered the development of an AI platform, Brainomix 360 Stroke, that automates validated imaging biomarkers to improve both diagnosis and treatment decisions.
Brainomix is the established European market leader, with a NICE-endorsed technology that has been deployed to more than 300 hospitals, having benefited more than 1.5M patients.
The company has demonstrated a unique ability to impact treatment rates, with results showing that Brainomix 360 Stroke was associated with an additional 50 per cent increase in the number of patients receiving mechanical thrombectomy – a life-changing stroke treatment reducing disability.
This new investment will enable Brainomix to accelerate its commercial expansion into the US, where the company has recently secured 10 FDA clearances.
Fresh funding will also support Brainomix to advance its portfolio of AI-powered technology in new areas, facilitating faster diagnosis and increasing access to life-saving treatments. Having grown to a company of more than 75 staff, Brainomix plans to expand both its Oxford-based operations and global commercial team.
Brainomix has applied its AI expertise to lung fibrosis, with the development and FDA clearance of its Brainomix 360 e-Lung technology to accurately predict the progression of the disease.
The company has an ongoing partnership with Boehringer Ingelheim, the global leader in lung fibrosis treatments, to evaluate the real-world impact of e-Lung to improve the identification and access to treatment for people with progressive lung fibrosis.
Dr Michalis Papadakis, CEO and Co-Founder at Brainomix, said: “We will continue to harness our position and experience as a European market leader to achieve broad success in the US, helping improve patient care and access to life-changing therapies.”
John Pearson, Chief Investment Officer at Parkwalk, added: “The potential for AI-powered platforms in healthcare to revolutionise diagnosis and treatment decisions is clear.
“Brainomix has successfully demonstrated its platform imaging software is able to deliver both significant societal impact and strong growth for investors. Parkwalk is excited to continue supporting a company that is creating comprehensive solutions to critical needs and implementing them at scale.”
And Lord Vallance, Minister for Science, added: “The AI tools developed by Brainomix are already helping patients get fast and accurate diagnosis and treatment for a range of serious conditions.
“Securing this funding will help them to grow, create more jobs, and support more patients. This is not only an example of an excellent university spinout, but also evidence of how the deep pool of tech and life sciences expertise found in Oxford, and across the country, is drawing investment into the UK – driving growth and supporting our Plan for Change.”
