ThinkSono Secures £2.1Mn ($2.7Mn) Funding Round and Achieves EU Regulatory Approval With Major Milestones in Ultrasound AI Technology
*LONDON, UK / ACCESSWIRE / March 14, 2024 / *ThinkSono, a pioneering medical technology company specializing in ultrasound AI guidance solutions, has announced the successful closure of its latest oversubscribed funding round, securing £2.1 million (approx. $2.7 million). The company has raised approx. £5 million ($6.4 million) to date. The latest round was led by id4 ventures, with participation from Brandenburg Kapital, Calm Storm Ventures, Dubai Angel Investors, CrowdCube, and Cur8 Capital as well as multiple prominent angel investors and clinicians in vascular surgery.
This significant investment will further propel the company's mission to revolutionize medical imaging technology and enhance patient care worldwide.
In conjunction with this funding milestone, ThinkSono is proud to announce the attainment of the Class IIb CE mark for its flagship product, the ThinkSono Guidance system. ThinkSono Guidance software enables non-ultrasound trained healthcare staff to scan patients with suspicion of blood clots (DVT) and send the data for qualified clinician review, thus improving the clinical pathway. For context, DVT is a leading cause of preventable hospital death worldwide.
This achievement underscores the company's commitment to delivering cutting-edge AI solutions that meet rigorous quality and safety standards, positioning ThinkSono as a leader in the field of AI ultrasound guidance technology. ThinkSono has partnered with hospitals across Europe, including the UK, Germany and Greece.
Furthermore, ThinkSono is excited to announce strategic partnerships with two prestigious healthcare institutions in the U.S. NYU Langone Health and Temple Health, as part of its pursuit of FDA approval for its innovative products. Collaborating with these esteemed organizations will accelerate the regulatory approval process and facilitate the introduction of ThinkSono's groundbreaking technology into the U.S. healthcare market.
"We are thrilled to announce this significant funding milestone and the achievement of key regulatory milestones for our ThinkSono Guidance system," said Fouad Al Noor, CEO and co-founder of ThinkSono. "This funding will enable us to further advance our mission of revolutionizing medical imaging technology while our partnerships with NYU Langone Health and Temple Health underscore our commitment to delivering innovative solutions that ultimately improve patient outcomes."
"The inability to quickly and timely rule out lower extremity DVT has been the bane of healthcare providers for decades. This problem impacts settings from office practices, clinics, emergency departments, hospital floors to intensive care units and more," said ThinkSono's CMO and Professor of Emergency Medicine Michael Blaivas. "ThinkSono's technology addresses this problem directly and has the potential to significantly improve patient care across Europe and beyond."
*Regulatory Information*:
The EU (MDR) Class IIb Intended Purpose of ThinkSono Guidance is found here: www.thinksono.com/ifu.
*Note that ThinkSono Guidance is not FDA cleared*, and thus will not be available in the U.S until full clearance is given. Please contact hello@thinksono.com for more information on the ThinkSono Guidance System. Also note that ThinkSono AI Training is a separate product for training purposes only.
*Contact Information*
Fouad Noor
CEO
hello@thinksono.com
*SOURCE:* ThinkSono Ltd
View the original press release on newswire.com.