Intelligent Ultrasound said they are ready to launch its first AI ultrasound product to market after raising £6.25 million in a share placing.
The company said its ScanNav product, which uses algorithms to automatically identify and grade ultrasound images to provide guidance, assessment and audit of obstetric scanning, would be the first to launch.
"This is an exciting time for the group," said company CEO Stuart Gall.
"We believe the market for AI-based software tools, in the real-time ultrasound image analysis sector, has considerable potential and we would like to thank both our new and existing shareholders for their support."
Intelligent Ultrasound said the oversubscribed 10 pence a share raise meant a second ScanNav product could be completed and launched. Development will continue to take place on its ScanNav HealthCheck tool.
The company develops ultrasound training simulators, AI image analysis software and AR needle guidance systems for healthcare professionals.
It also proposed an open offer to raise up to £25,000 through the issue of 2.5 million shares.
Intelligent Ultrasound, who are headquartered in Cardiff, Wales, and also have U.S. offices in Georgia, were previously called MedaPhor.