The corporate team at leading law firm Penningtons Manches has advised Oxford based start-up Ultromics Limited on its Series A financing round of £10 million led by Oxford Sciences Innovation, with participation from Neptune, RT Ventures, GT Healthcare, Tanarra, Fushia and personal investors Andre Crawford-Brunt and Dieter Spälti.
Ultromics is a platform technology that extracts thousands of data points from a single image, then uses machine learning, a form of artificial intelligence (AI), to determine which data points are specific to a certain disease. The technology has already been applied to echocardiograms to improve the diagnostic accuracy of coronary artery disease from 80% to >90%. Ultromics is powered by one of the world's largest commercially consented image databases and the underlying technology was born out of almost 10 years of imaging research by a team at the University of Oxford. Since its announcement earlier this year that following successful trials the AI technology will soon be available to NHS hospitals, saving the NHS an estimated £300 million a year, Ultromics has received attention from the press including BBC News and The Telegraph.
Penningtons Manches has advised Ultromics since it was spun out by Oxford University Innovation in 2017. The Penningtons Manches team included corporate associates Attilio Leccisotti and Dominique Sabatini, life sciences partner Chris Shelley and employment partner Daff Richardson.
This deal is the latest in a series of high profile corporate transactions undertaken by the firm’s corporate team. Following 140 deal completions in 2017 with an aggregate value of £1.5 billion, the team continues to build on this strong performance in 2018.