The seven figure fundraising deal has been completed through Acuitas’ existing investors, including Altima Partners and Finance Wales. According to Swansea-headquartered Acuitas the funding round was ‘oversubscribed’.
Acuitas’ technology is used for medical diagnosis involving the liver, lung, brain and bone pathologies.
According to a statement its fineSA product enables soft tissue structures to be sampled at up to 40 times the spatial resolution of a conventional MRI machine.
Peter Taylor, chief executive and co-founder of Acuitas, comments: ‘We are working on clinical validation with some of the finest groups in the world, bringing the company to the point where we can now realistically see our proprietary technology in daily clinical use as a game-changing radiology decision support tool.’
The funding round will enable the company to demonstrate the clinical efficacy of fineSA says Michael Brady, a professor at the company.
Fundraising backer Finance Wales provides investments for small and medium-sized businesses in Wales. The Cardiff-based fund recently backed the MBOs of both Jet-Vac and Wholebake, as well as the secondary investment round for AssayMetrics.
Richard Thompson, investment manager at Finance Wales, adds: ‘This is the third time we’ve backed Acuitas Medical and it takes our total investment to over £1 million.
‘We continue to be impressed by Acuitas’ technology as well as the drive and vision of its management team.’