Novosound, the first spin-out company set to emerge from University of the West of Scotland has closed its seed investment round, raising £1.5 million.
The investment was led by Par Equity, the Edinburgh-based venture capital firm which has a strong track record in investing in early stage companies, as the lead investor, and co-invested by Kelvin Capital, the Glasgow-based venture capital firm. Further investment was secured from Gabriel, the Scottish Investment Bank, the EOS Technology Investment Syndicate and Investing Women
The investment will drive novosound’s growth plan, allow it to expand its already-experienced team, and bring its cutting-edge ultrasound sensors to market.
Following a successul seed round, Novosound will open their Series A fundraise in Summer 2019 with a strong Med-Tech and Digital Health focus.
Anticipating to raise £2-5M, this will allow novosound to disrupt the $7Bn medical imaging market with their printed ultrasound arrays.
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