Belfast medtech Axial3D announced it has closed a further £3m investment in its medical 3D imaging business, which will see the company create 20 new jobs in Northern Ireland.
The funding will also be used over the next 18 months to accelerate growth in local and international markets, with hospitals, healthcare systems and medical device companies.
Using artificial intelligence, the firm has developed automated 3D imaging and printing offerings for surgeons to advance the standards of surgical planning, diagnosis and treatment worldwide, particularly in the areas of neurosurgery, cardiac surgery, trauma and orthopedics.
Surgeons using these solutions typically report an average reduction time of 62 minutes taken for critical surgeries, and say the hospital stay times have been trimmed by an average of 18%.
The 3D images and models were used in over 200 hospitals in 2020 and Axial3D's aim is to add a further 500 hospital users during 2021.
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Roger Johnston, CEO at Axial3D said: “We have an opportunity in front of us to fundamentally change patient-specific care around the world. We believe that traditional 2D imaging will be replaced by 3D imaging as the basis for new standards of care over the next few years.
"Axial3D has a unique capability to be a true leader in this market. Axial3D is truly thankful for the support of all of our investors and to Invest Northern Ireland in particular for its continued support and confidence in our business, even in these really unique times.”
The company has been recognised by Amazon Web Services as the most innovative use of Artificial Intelligence in Healthcare Globally in 2020, and grew revenues last year by 300%, despite the pandemic.
Two new board directors have been appointed to the firm, both of whom have over 30 years experience of rapidly scaling high-potential medical device companies; Mark Alvarez, Chairman, President & CEO at Innovation Technologies & IrriMax, and Joey Mason, Health and Life Science venture investor and Head of Life Sciences Fund, M Ventures.
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Axial3D's new funding round was supported by a combination of existing and new investors including Techstart NI, Co-Fund NI, Invest Northern Ireland’s new COVID-19 Equity Investment Fund, and Future Fund, backed by the British Business Bank.
Kevin Holland, CEO of Invest NI added: “Axial3D is a fast growing company and over the last five years, Invest NI has supported this growth through R&D assistance and support to grow its team and increase its exports.
"I’m pleased to see the first completed investment from our new COVID-19 Equity Investment Fund which is giving Axial3D access to vital investment which will help it overcome the challenges presented by COVID-19."
