Foresight Group has announced a £2m investment as part of a £3.3m round into ultrasound technology company Novosound Ltd.
The Foresight Williams Technology EIS Fund led the round, investing £1.5m alongside £500,000 from the Foresight Scottish Growth Fund.
Novosound was established in 2018 by Dave Hughes, CTO, and Richard Cooper, CEO, as a spin-out from the University of the West of Scotland, where Hughes invented its core IP during his time as a Research Fellow. Cooper brings industry expertise as a successful technology entrepreneur.
Ultrasound sensors produce sound waves with frequencies above the audible range of humans which transmit through an object to measure or image internal features. Commonly known for its use in maternity wards and other hospital departments, ultrasound imaging is also extensively applied in industrial settings as a safe Non-Destructive Testing (“NDT”) technique for revealing below-surface deformities, cracks or corrosion.
Utilising the latest thin film deposition techniques, Novosound’s patented innovation represents a turning point for ultrasound sensor technology. Operating in a high growth market valued at £35bn, the company has developed a unique thin film core material which eliminates limitations associated with existing ultrasound sensor solutions.
Andrew Bloxam, Senior Investment Manager at Foresight, commented: “Novosound is a brilliant example of the type of disruptive technology and team that we look for. Its early traction in NDT really stood out to us. There is also huge potential for other markets that it has not yet pushed into, which makes it a really exciting opportunity.”
Dave Hughes, Founder and CTO of Novosound added: “This investment is really exciting for the team at Novosound as it will help us scale our operations and launch our advanced sensors for industrial monitoring and inspection. We are delighted to be working with the Foresight and Williams who have proved themselves thus far as the ideal partners for our growing technology business.”