30 May Accelerator programme alumni novosound wins £1.5m in funding
Accelerator programme graduate, BioCity, Glasgow based novosound has raised £1.5m in a seed investment round.
The winner of last year’s Converge Challenge competition, novosound will use the money to expand its team and bring its ultrasound sensors to the market. The bulk of the cash has been supplied by lead investor Par Equity of Edinburgh and co-investor Kelvin Capital based in Glasgow.
Further investment was secured from Gabriel, the Scottish Investment Bank, EOS Technology Investing Syndicate and Investing Women.
The novosound sensors, systems and software allow for low-cost imaging with the quality of an MRI scan. Commonly known for its use in maternity wards and other hospital departments, this ultrasound imaging can also be applied in industrial settings as a safe non-destructive testing technique.
“The manufacturing of ultrasound sensors has not changed in more than four decades, limiting their effectiveness in sertain industrial settings,” said David Hughes, co-founder and chief technology officer of novosound.
“Our revolutionary sensors have the potential to disrupt the $2.6bn non-destructive testing market by enabling continuous, safe monitoring of petrochemical infrastructure, unlocking a huge commercial opportunity for novosound.”
Its sensors can operate at very high temperatures meaning that, in nuclear power stations and petrochemical refineries, crucial inspection of critical infrastructure can be carried out without the need to cool down pipes. This currently costs the industry billions per year.
Having met with a number of large-scale industrial companies during a recent visit to the US, novosound is now working to convert those opportunities into development contracts and production orders. Once established, it plans to initially enter the medical imaging market.
The company was co-founded by Hughes and Richard Cooper, the firm’s chief executive. An independent consultant, Cooper was a co-founder of Cascade Technologies , one of Strathclyde University’s biggest exits to date.