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Connell C - LB Mar 2022

Brainomix closes £16m financing round

Brainomix
Image from Brainomix’s Facebook page

Oxford-based medtech company Brainomix has closed a £16 million Series B financing round co-led by existing investors Boehringer Ingelheim Venture Fund and Parkwalk Advisors, along with new investor, Tencent Holdings, and including participation from Oxford University Innovation Fund.

Brainomix has pioneered the development of an AI platform that automates validated imaging biomarkers to improve diagnosis and treatment decisions. Its e-Stroke platform is a comprehensive stroke imaging solution and has been adopted in multiple healthcare systems worldwide. It is installed in hundreds of hospitals across Europe, the US, South America and Asia where it has improved treatment times and functional independence for stroke patients.

Brainomix stated it will use the funding to expand into new markets and new therapeutic indications, including lung fibrosis and cancer. The company added that the funding will also help it form pharmaceutical partnerships to improve clinical trial success, foster broader adoption of existing therapies in the new indications, and improve patient outcomes.

Alastair Kilgour, chief investment officer at Parkwalk Advisors, said: “Over the past decade Brainomix has created the market for stroke AI imaging. As a spin-out from the University of Oxford, it is an example of the UK’s world-leading strengths in life sciences and AI-enabled medtech, combining expertise in clinical care and software development with more than 150 years’ experience in the field across its leadership team.”

Dr Oliver Reuss, executive director and investment manager of the Boehringer Ingelheim Venture Fund commented: “Brainomix has proven its ability to deliver scalable AI-imaging solutions that have already demonstrated tremendous value to stroke patients worldwide. This financing will support the company, not only to continue its market adoption for e-Stroke, but will enable it to develop new AI-imaging solutions for lung conditions that can contribute to transforming patients’ lives by increasing treatment rates and medical outcome.”

Dr Michalis Papadakis, Brainomix’s co-founder and chief executive, added: “This investment round attracted substantial interest, as it was clear we are at a very exciting juncture in our development and poised for substantial growth. This investment will allow us to grow our team, both at our Oxford site as well as globally, to support our plans for continual healthcare innovation and best-in-class technological development.”

Brainomix’s chair Professor Jackie Hunter said: “AI is transforming healthcare in multiple ways. Brainomix has a robust track record of delivering innovative AI solutions and is committed to positively impacting treatment rates and patient outcomes. Its e-Stroke technology is already impacting the lives of hundreds of thousands of stroke patients worldwide and, with this new investment, it has the opportunity to apply its expertise in new therapeutic areas and to scale its business model to share in the value created for pharma.”

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