A Belfast-based medical tech firm which specialises in creating AI-powered 3D medical imaging algorithms and other 3D solutions has finalised a fresh multi-million pound funding round to help it extend its global reach.
Axial3D has secured $18.2 million (around £14.4 million) in equity funding, which includes continued support from its first round investors Techstart, Innovation Ulster Limited and US and Northern Ireland business angels, as well as additional follow-on investment from Clarendon.
And it has also welcomed three new strategic investors in 57 Stars (which will become the company’s largest shareholder following a $10m investment), Whiterock, and Innovate UK.
“This latest investment round will enable us to accelerate our mission of making patient-specific surgery routine globally,” said Roger Johnston, chief executive of Axial3D, founded in 2015 and which currently has a staff of around 60.
“Our market-fundamental patented technology platform empowers medical device companies, medical imaging companies, and hospitals to standardise the use of incredibly precise, patient specific 3D data that transforms their offerings for patients.”
He added: “Our AI technology has the power to impact millions of patients globally across patient specific applications in robotics, planning and patient specific device workflows.”
The new investors see Axial3D (www.axial3d.com) as uniquely positioned to lead the steep change to scalable, patient-specific solutions.
“Axial3D’s pioneering technology that creates patient-specific 3D imaging has already shown incredible potential in the med-tech space,” said Bernie McGuire, managing director at 57 Stars.
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“We are excited to support their ongoing technology application expansion and look forward to seeing the impact their innovations will make in advancing personalised healthcare.”
He added: “This is the latest deal out of our long-standing Northern Ireland investment programme, which has now committed over $50 million, and a prime example of our investment thesis of finding compelling opportunities at the intersection of healthcare and technology.”
Neil McCabe, director of Whiterock, highlighted Axial3D’s potential to reshape healthcare with its market leading technology, adding “Its technology addresses a critical need in healthcare - enabling scalability in personalised care. We’re proud to join this journey supporting a company that is paving the way for more accessible and precise surgical solutions worldwide.”
