Brainomix secures £16m in Series B funding round
Brainomix, the AI-powered medtech solutions company, today announces that it has closed a Series B financing round, raising £16 million to fund its expansion into new markets and new therapeutic indications, including lung fibrosis and cancer.
With this investment, the company hopes to build on the company’s tech platform in stroke and enable value-generating pharmaceutical partnerships to improve clinical trial success, foster broader adoption of existing therapies in the new indications, and improve patient outcomes.
The financing was co-led by existing investors Boehringer Ingelheim Venture Fund (BIVF) and Parkwalk Advisors, along with new investor, Tencent Holdings, and included participation from Oxford University Innovation Fund (OUIF).
Brainomix has pioneered the development of an AI platform that automates validated imaging biomarkers to improve both diagnosis and treatment decisions. It is installed in hundreds of hospitals across Europe, US, South America, and Asia.
Alastair Kilgour, Chief Investment Officer at Parkwalk Advisors, commented: “Over the past decade Brainomix has created the market for stroke AI imaging. As a spin-out from the University of Oxford, it is an example of the UK’s world-leading strengths in life sciences and AI-enabled medtech, combining expertise in clinical care and software development with more than 150 years’ experience in the field across its leadership team.”
The funds will also enable the company to drive into new therapeutic areas beyond stroke by developing novel imaging biomarkers for better treatment of lung fibrosis and cancer.
Over the years, Brainomix has formed a number of value-sharing partnerships, including with Stryker Neurovascular in EMEA, Wallaby Medical in China, and the Angels Initiative, a global effort focused on stroke care improvement.
The company plans to build on this strong track record with a renewed focus on pharma partnerships, with an opportunity to embed Brainomix’s technology in clinical trials to improve and accelerate clinical trial success, and ultimately achieve broader adoption.
Dr Oliver Reuss, Executive Director and Investment Manager of the Boehringer Ingelheim Venture Fund (BIVF), the corporate venture fund of the global pharmaceutical company Boehringer Ingelheim said: “Brainomix has proven its ability to deliver scalable AI-imaging solutions that have already demonstrated tremendous value to stroke patients worldwide.
“This financing will support the company not only to continue its market adoption for e-Stroke but will enable it to develop new AI-imaging solutions for lung conditions that can contribute to transforming patients’ lives by increasing treatment rates and medical outcome.”