Belfast-based medtech company Axial3D has raised £3 million (€3.5 million) in additional funding to accelerate growth.
This brings total fundraising to date for the company to £6 million, which has developed ground-breaking 3D imaging and printing offerings for the healthcare sector.
Founded by Daniel Crawford in 2014, the company prints precise anatomical models using data generated from CT, MRI and PET scans for surgeons that help them prepare for surgical procedures.
The company’s solutions were used in more than 200 hospitals last year and it is aiming to add another 500 hospitals in 2021.
Surgeons using its solutions report an average 62-minute reduction in the time taken for critical surgeries, and an 18 per cent decline in the time of stay in hospital for patients.
Backers
The latest fundraise was supported by a combination of new and existing backers including TechStart NI, Co-Fund NI, Invest Northern Ireland and Future Fund, which is backed by the British Business Bank.
Chief executive Roger Johnston said Axial3D saw revenues jump by 300 per cent last year despite the pandemic. The company intends to increase headcount by a further 20 people in 2021.
“We have an opportunity in front of us to fundamentally change patient-specific care around the world. We believe that traditional 2D imaging will be replaced by 3D imaging as the basis for new standards of care over the next few years,” said Mr Johnston.
Co-Fund NI, an equity fund managed by Clarendon Fund Managers, this week announced additional funding of over £16 million to further support SMEs in the North.
