AI-focused cardiology company Ultromics secures $55 million in Series C funding for its AI-driven solutions in cardiology
In a significant move to combat the growing heart failure crisis, Ultromics, a company specialising in AI-driven cardiology solutions, has secured $55 million in Series C financing. The funding round was co-led by L&G, Allegis Capital, and Lightrock, with additional support from Oxford Science Enterprises and UCHICAGO Medicine’s UCM Ventures [1][3].
Ultromics aims to scale its platform across the U.S., leveraging the funding to enhance its AI algorithms, expand partnerships with healthcare systems nationwide, and deploy AI-powered heart failure diagnostics at scale [2][3][5]. The company's goal is to make AI-enhanced diagnostics a standard part of cardiac evaluations, addressing the significant problem of underdiagnosed heart failure that leads to high costs and poor patient outcomes [1][2].
The heart failure and cardiac amyloidosis issue impacts millions of lives and strains healthcare systems. Clinicians often rely on subjective echocardiogram interpretations, which can lead to missed diagnoses. To address this, Ultromics has developed one of the first commercially available AI-powered diagnostic echocardiogram technologies [4].
The company's FDA-cleared EchoGo platform generates real-time probability scores and is fully reimbursed under Medicare, allowing for broad adoption in hospitals and clinics [6]. Ultromics has validated a model for cardiac amyloidosis that outperformed existing clinical scores [4]. The platform provides the first FDA-cleared and Medicare-reimbursed AI technology for detecting heart failure with preserved ejection fraction (HFpEF) and cardiac amyloidosis [7].
Ultromics' AI-driven technology is already making a real-world impact, improving diagnostic accuracy, supporting clinical decisions, and expanding access to specialist care. For instance, the company has analysed over 430,000 echocardiograms, improving HFpEF detection rates by 73.6% compared to standard risk scores [1].
The funding round also marks a collaboration with pharmaceutical companies such as Janssen Biotech (Johnson & Johnson) and Pfizer to develop and validate EchoGo Amyloidosis, expanding the pipeline to include other cardiac conditions and deepening health system partnerships [1][3]. Supporting clinical research from Mayo Clinic and international centers demonstrated EchoGo Amyloidosis' high diagnostic accuracy (85% sensitivity, 93% specificity) in detecting various cardiac amyloidosis subtypes [1].
Victor Westerlind, Managing Director at Allegis Capital, believes that when paired with the latest treatment advances, Ultromics' diagnostic solution will help save lives. Umur Hursever, Partner at Lightrock, states that Ultromics is closing a long-standing blind spot in cardiology, making it easier for physicians to identify high-risk patients earlier [4]. Ross Upton, PhD, is the CEO and Founder of Ultromics.
The Series C funding round is a testament to the massive opportunity for technology to transform cardiovascular disease detection and treatment. With heart failure costing over $30 billion annually in the U.S., and many patients going undiagnosed, the need for scalable solutions that enable earlier, more accurate diagnosis and elevate the standard of care in cardiology is critical [1]. These advancements are supported by Medicare reimbursement, paving the way for broader adoption across U.S. hospitals [6].
[1] Ultromics Press Release. (2022, April 27). Ultromics Raises $55 Million to Scale AI-Powered Heart Failure Diagnostics Across U.S. Hospitals. Retrieved from https://ultromics.com/press-release/ultromics-raises-55-million-to-scale-ai-powered-heart-failure-diagnostics-across-u-s-hospitals/
[2] VentureBeat. (2022, April 27). Ultromics raises $55M Series C to bring AI to heart failure diagnostics. Retrieved from https://venturebeat.com/2022/04/27/ultromics-raises-55m-series-c-to-bring-ai-to-heart-failure-diagnostics/
[3] BusinessWire. (2022, April 27). Ultromics Raises $55 Million Series C Financing to Scale AI-Powered Heart Failure Diagnostics Across U.S. Hospitals. Retrieved from https://www.businesswire.com/news/home/20220427005241/en/Ultromics-Raises-55-Million-Series-C-Financing-to-Scale-AI-Powered-Heart-Failure-Diagnostics-Across-U.S.-Hospitals
[4] MobiHealthNews. (2022, April 27). Ultromics raises $55M to expand its AI-powered heart failure diagnostics. Retrieved from https://www.mobihealthnews.com/news/ultromics-raises-55m-expand-its-ai-powered-heart-failure-diagnostics
[5] MedCity News. (2022, April 27). Ultromics raises $55M to scale its AI-powered heart failure diagnostics. Retrieved from https://medcitynews.com/2022/04/ultromics-raises-55m-to-scale-its-ai-powered-heart-failure-diagnostics/
[6] Ultromics. (n.d.). EchoGo Platform. Retrieved from https://ultromics.com/echogoplatform/
[7] Ultromics. (n.d.). EchoGo Amyloidosis. Retrieved from https://ultromics.com/echogocardiacamyloidosis/
- Ultromics' latest round of venture capital, worth $55 million in Series C financing, will be allocated towards scaling their AI-driven cardiology solutions, specifically in the health-and-wellness sector, with a focus on enhancing AI algorithms, expanding partnerships with health-care systems, and deploying AI-powered heart failure diagnostics at scale.
- The company's aim is to make AI-enhanced diagnostics a standard part of cardiac evaluations, addressing the significant issue of underdiagnosed heart failure that contributes to high costs and poor patient outcomes.
- The funding round has also facilitated collaborations with pharmaceutical companies like Janssen Biotech (Johnson & Johnson) and Pfizer, with the objective of developing and validating EchoGo Amyloidosis, which could potentially extend the pipeline to include other medical-conditions.
- With this new funding, Ultromics continues to demonstrate the potential for investing in technology to transform finance in the health sector, particularly in the areas of science, medicine, fitness-and-exercise, and technology, contributing to improved diagnostic accuracy, better clinical decisions, and expanded access to specialist care.
