A New Zealand medtech developing a portable neuroimaging device for rapid, point-of-care stroke detection, has raised NZ$7.28 million (A$6.2m) in a first close for its pre-Series A.
The raise so far for Wellumio was led by Nuance Connected Capital, with support from Icehouse Ventures, NZ Growth Capital Partners (NZGCP)’s Aspire Seed Fund, Pacific Channel, Booster, and Cure Kids Ventures. Angel investor groups Flying Kiwi and Enterprise Angels also chipped, in alongside international investors via the New Zealand Government’s Active Investor Plus (AIP) programme and retail investors through Snowball Effect.
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Wellumio is transforming stroke care with its portable brain scan technology, called Axana, to rapidly detect acute stroke and unlock treatment within the critical ‘golden hour’, when every second counts for improved outcomes and recovery.
The new funding will go towards building out the team and capacity, advance clinical development, refining Axana for scalable manufacturing, and ongoing clinical evaluation. The pre-Series A continues.
Stroke is a leading cause of death and long-term disability, yet less than 5% of patients currently receive treatment within the ‘golden hour’, when the likelihood of disability-free survival is highest.
Wellumio cofounder and CEO Dr Shieak Tzeng said the wide range of investors validates both the clinical need they’re addressing and the progress made with Axana.
“With this funding, we will build our team and capacity and accelerate key clinical milestones to advance our portable, AI-enhanced MRI-based brain imaging technology along the clinical-commercial pathway – to bring faster, bedside stroke diagnosis closer to real-world emergency care when every second counts,” he said.
“We’re encouraged by the continued interest from investors who share our long-term vision as we build the company’s next phase.”
