Ultromics, a UK-based company developing AI tools for cardiac diagnostics, has raised US$55 million in series C funding co-led by L&G, Allegis Capital, and Lightrock.

The round included backing from Oxford Science Enterprises, GV, Blue Venture Fund, Oxford University, and US health systems including UChicago Medicine’s UCM Ventures and UPMC Enterprises.

The new funding will be used to expand Ultromics’ reach across US hospitals and develop additional diagnostic capabilities for other cardiac conditions.

Ultromics offers EchoGo, an FDA-cleared platform that uses AI to help clinicians detect heart failure and cardiac amyloidosis from echocardiograms.

The company reports that its technology is reimbursed by Medicare and is currently deployed in major US hospitals.

Ultromics explains that EchoGo has been trained on hundreds of thousands of echo scans, and validated in 25 peer-reviewed studies.

According to the company, its tools have analyzed over 430,000 echocardiograms to date.

🔗 Source: Ultromics

🧠 Food for thought

1️⃣ AI cardiology research explosion validates commercial timing

Ultromics’ $55 million raise comes at the peak of a research boom that validates their market approach.

A recent review of AI interventions in cardiology found that 92.2% of validation studies were published after 2020, indicating significant growth in this field 1. This timing aligns with Ultromics’ commercial expansion, as the company benefits from a growing research foundation that has developed in recent years.

The research also shows that imaging was the most common data type used in 54.3% of these AI cardiology studies 1, supporting Ultromics’ focus on echocardiogram analysis.

This research momentum creates a favorable environment for investors and health systems to adopt AI-powered diagnostic tools, as the clinical evidence base has strengthened substantially in recent years.

2️⃣ Strong diagnostic performance metrics support commercial viability

The clinical performance data suggests AI-powered cardiac diagnostics can deliver commercially viable accuracy improvements.