Novosound, an Edinburgh, Scotland-based innovative ultrasound technology company, raised £3.3m in funding.
The Foresight Williams Technology EIS Fund led the round investing £1.5 million alongside £500,000 from the Foresight Scottish Growth Fund, financed by the Scottish Growth Scheme through a combination of Scottish Government funds and the European Regional Development Fund (ERDF), and £1.3 million from existing shareholders including Par Equity, Kelvin Capital, Gabriel Investments, the University of the West of Scotland, and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
Established in 2018 by Dave Hughes, CTO, and Richard Cooper, CEO, as a spin-out from the University of the West of Scotland, Novosound provides flexible ultrasound sensors with the ability to operate continuously at high temperatures and offer higher resolution images. Ultrasound sensors produce sound waves with frequencies above the audible range of humans which transmit through an object to measure or image internal features. Commonly known for its use in maternity wards and other hospital departments, ultrasound imaging is also applied in industrial settings as a safe Non-Destructive Testing (“NDT”) technique for revealing below-surface deformities, cracks or corrosion.
The investment will allow the company to match fund a £1.0m R&D grant for product development from Scottish Enterprise and pursue its expansion plans into global markets and new industries.