Novosound has appointed former Intel executive David Jolliffe as chief financial officer (CFO), as the ultrasound sensor specialist sees “massive opportunity” for its wearable technology in North American Markets with an already commercialised wireless wearable ultrasound platform seeing demand from clients in the healthcare, wellbeing, and fitness monitoring sectors.
Dave Hughes, CEO and Co-Founder of Novosound, said:
“Recently, groundbreaking advancements in ultrasound technology have emerged, such as the recent work by the University of California San Diego into ultrasound system-on-patch (USoP) tech and the Internet of Medical Things (IoMT). In this revolution towards accessible, wearable, healthcare devices, Novosound stands at the forefront, demonstrating that its commercially available technology is an integral part of this narrative”.
David Jolliffe, who began his career in Grant Thornton’s corporate finance team, was also previously Finance Director of UK Power Operations at Scottish Power, Chief Executive of Pyroguard, a subsidiary of CGI International, was most recently the CFO at Optoscribe. Optoscribe, a Scottish technology company that developed 3D lasers for the telecommunications sector, was acquired by semiconductor manufacturer Intel Corporation in 2022.
Jolliffe has held senior finance roles at several industrial organisations, responsible for business planning, company acquisitions, fundraising, and rights issues. He also has extensive international experience and has held board positions with public limited companies and private equity-backed businesses.
Dave Hughes, CEO, Novosound, said:
“It’s a remarkable coup to have David, a seasoned executive with a wealth of international experience from thriving technology companies and global industrial giants, join our team. Over the past year, we’ve experienced a transformative journey, doubling our revenues consecutively. As we embark on the next phase of growth and secure contracts across the UK, Europe, and North America, having David on board in Scotland, the birthplace of ultrasound, is invaluable. His guidance will shape our strategy and operations for continued success.”
Novosound has also launched a new leadership team, led by CEO and Co-founder Dave Hughes and comprising David Jolliffe, Simon Patterson (Chief Commercial Officer), and Gwen Grant (Head of Operations).
In December, Novosound signed a commercial partnership agreement with PAVmed Inc., the Nasdaq-listed diversified medical technology company, to develop technology to advance intravascular imaging. The PAVmed agreement furthers Novosound’s move into healthcare and its regional expansion into North America. Previous contract wins included aerospace giant’s BAE Systems and GE Aviation, and Israeli-based digital health company dSound.
In 2022, Novosound secured its latest investment, a £3.7 million round led by Par Equity, supported by Foresight Group (via the Foresight Williams Technology EIS Fund), Kelvin Capital, and Scottish Enterprise.