Ibex Innovations, a Sedgefield, UK-based X-ray imaging technology company, raised £535k in funding.
Backers included the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia, along with IP Group and private investors.
The company intends to use the funds to commercialize its new software to help detect breast cancer.
Led by Neil Loxley, CEO, Ibex provides Trueview® technology which improves the quality of X-ray images and reduces the dose of radiation the patient receives. The software, which incorporates advanced physics and artificial intelligence, can be used with conventional X-ray machines and allows medics to interpret images more accurately. After five years in research and development, Ibex has recently made its first sales to Curvebeam, a US company specializing in 3D imaging of arms and legs and to Planmed, a manufacturer based in Finland which supplies to over 70 countries. The Trueview software is designed for use in mammography and has been shown to aid diagnosis by increasing image contrast while reducing radiation exposure by up to 50%. It could also help reduce breast compression to minimise discomfort and encourage more women to have screening.