ThinkSono Secures Additional £4.5M / $6Mn Funding, Expands Team and Operations Across the UK, EU and U.S.
The company has successfully completed its second oversubscribed seed funding round, securing an additional £4.5Mn ($6Mn / €5.4Mn). It has raised £9.6Mn ($13Mn / €11.3Mn) to date. The latest round is led by id4 ventures, and joined by Brandenburg Kapital, Cur8 Capital and several key opinion leaders (KOLs) in vascular surgery. The company founders also participated in the funding round in alignment with other investors.
Momentum & Milestones:
This significant investment builds upon the regulatory, clinical, and commercial momentum the company has already achieved since raising £2.1Mn ($2.8Mn / €2.5Mn) in 2024. It obtained the world's first Class IIb CE mark for AI software to detect DVT.
The new funding has enabled the company to increase its team size and fill key positions, including a CFO, Sales Director, Chief Compliance Officer, UK Medical Director, and expand its medical advisory board. In addition, the company has expanded its U.S. operations with key staff and is progressing with multi-centred clinical trials for subsequent FDA filing for its ThinkSono Guidance software.
Prominent U.S. Hospitals, including NYU Langone Health, Allegheny Health Network (AHN), Temple Health, and UW Health University Hospital, have been selected as key sites.
Finally, the company has published a peer-reviewed paper in npj Digital Medicine that shows excellent clinical and health economic results. Due to its importance, this study has also been highlighted in npj Digital Medicine as an Editorial.
This achievement underscores the company's commitment to delivering cutting-edge AI solutions that meet rigorous quality and safety standards, positioning ThinkSono as a leader in the field of AI ultrasound guidance. ThinkSono has partnered with hospitals across the U.S. and Europe, including the UK, Germany, Greece and Poland.
Comments from CEO and KOLs:
Fouad Al Noor, CEO and Co-founder of ThinkSono:
'This funding shows that leading investors are doubling down on ThinkSono, and our confidence is further reinforced by having clinical KOLs investing alongside our investors. We're also very pleased to have an extremely competent team that will be supporting our UK/EU commercialisation efforts as well as our U.S. FDA clearance process'
Michael Blaivas, Professor of Emergency Medicine, and ThinkSono's Chief Medical Officer:
'The inability to quickly and timely rule out lower extremity DVT has been the bane of healthcare providers for decades. This problem impacts settings from office practices, clinics, emergency departments, hospital floors to intensive care units and more. ThinkSono's technology addresses this problem directly and has the potential to significantly improve patient care across Europe and beyond.'
Glenn Jacobowitz, ThinkSono Clinical Advisor, Professor of Vascular Surgery and the Director of Ambulatory Vascular Surgery, Western Region at Northwell Health:
'The ThinkSono Guidance System would be a powerful tool in our diagnostic arsenal. It's the kind of innovation that can literally change the way high-quality, efficient care is delivered to patients on a daily basis. The potential impact in the US and abroad is enormous.'
Dr Satish Muluk, director of vascular surgery at Allegheny Health Network:
'This breakthrough technology has the potential to dramatically improve patient outcomes by accelerating DVT detection and subsequent care. By empowering a wider range of healthcare professionals to perform this imaging procedure, we can reach patients more quickly and minimize delays in lifesaving treatment.'
'The fact that ThinkSono's technology can be used by a variety of healthcare staff, instead of only sonogram-trained technicians, is a significant benefit amid the ongoing healthcare workforce shortage, which includes ultrasound technicians and qualified sonographers' [2]
About ThinkSono:
ThinkSono is a leading ultrasound AI technology company specialising in ultrasound guidance solutions. Its software has been peer reviewed in multiple studies across more than 10 hospitals and with more than 1,000 patients scanned in trials across the UK, Germany, Greece and the U.S. Its technology is clinically validated with strong peer-reviewed health economics.
Contact:
[email protected]
Regulatory information
The EU (MDR) Class IIb Intended Purpose of ThinkSono Guidance is found here: www.thinksono.com/ifu
Research:
All published research found here: https://thinksono.com/research
References:
[1] https://www.cdc.gov/blood-clots/data-research/facts-stats/
[2] AHN Press release:
https://www.ahn.org/newsroom/press-releases/press-release.html?pr=allegheny-general-hospital-first-in-western-pa-to-participate-in-clinical-trial-using-artificial-intelligence-to-detect-deep-vein-thrombosis-in-cardiac-patients
Note: ThinkSono Guidance is not FDA cleared and will not be available in the U.S. until full clearance is given. Please contact [email protected] for more information.
Approximate conversion from GBP to USD and EUR based on 24 Jun, 15:22 UTC from Morningstar
Contact Information
Fouad Noor
CEO
[email protected]
SOURCE: ThinkSono Ltd
press release
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