Oxford-based medtech Brainomix has raised £16 million in funding, which it aims to use to expand the capabilities of its AI-powered stroke imaging tool to make it capable of diagnosing more conditions. The company hopes to expand its diagnostic capabilities to diseases including cancer and lung fibrosis, as well as enabling it to expand into new markets.

Brainomix’s AI solution is an imaging tool used to detect biomarkers of specific diseases, helping to improve diagnosis and treatment. Currently, the firm’s e-Stroke solution gives clinicians a comprehensive imaging solution for suspected stroke patients, complete with a smartphone app.

The funding was raised through a Series B round, led by existing investors Parkwalk Advisers and Boehringer Ingelheim Venture Fund, alongside new investor Tencent Holdings. Brainomix is a spin-off of the University of Oxford and the Oxford University Innovation Fund also took part in the fundraising.

Brainomix CEO and co-founder Dr Michalis Papadakis said: “We welcome Tencent as a highly experienced new investor and thank Parkwalk and BIVF, as well as OUIF, for their continuing support. This investment round attracted substantial interest, as it was clear we are at a very exciting juncture in our development and poised for substantial growth.”

Prof. Jackie Hunter, CBE FMedSci FBPharmacolS FRSB, Chair of Brainomix, added: “AI is transforming healthcare in multiple ways. Brainomix has a robust track record of delivering innovative AI solutions and is committed to positively impacting treatment rates and patient outcomes.”

“Its e-Stroke technology is already impacting the lives of hundreds of thousands of stroke patients worldwide and with this new investment, it has the opportunity to apply its expertise in new therapeutic areas and to scale its business model to share in the value created for pharma.”

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