London-based ThinkSono, a MedTech company specialising in ultrasound AI guidance solutions, has concluded its latest funding round, surpassing its target to secure £2.1M (approximately €2.45M).
ThinkSono was founded in 2016 by Fouad Al Noor and Sven Mischkewitz. The duo crossed paths at the Entrepreneur First (EF) programme in London, where they shared a mutual goal of enhancing global access to medical diagnostics.
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This oversubscribed funding brings the UK-based company’s total raised funding to nearly £5M, to date.
The latest investment was led by id4 ventures, and saw contributions from Brandenburg Kapital, Calm Storm Ventures, Dubai Angel Investors, CrowdCube, Cur8 Capital, alongside several angel investors and vascular surgery clinicians.
Deep Vein Thrombosis (DVT) is a serious condition where blood clots form in the deep veins of the leg, potentially leading to fatal pulmonary embolism (PE) if untreated.
However, the current diagnostic process is slow and inefficient, causing delays in treatment. According to ThinkSono, patients often wait hours or days for test results.
ThinkSono Guidance software (previously called AutoDVT) transforms the DVT diagnosis process by enabling non-ultrasound-trained healthcare professionals to collect exam data. This data is subsequently reviewed by qualified clinicians, streamlining the clinical pathway.
ThinkSono Guidance exams are rapid, usually completed in under 15 minutes, and only necessitate a compatible handheld device and mobile phone, making it a convenient and efficient solution.
ThinkSono will use the proceeds to advance its mission of revolutionising medical imaging technology.
The company has also achieved the Class IIb CE mark for its flagship product, the ThinkSono Guidance system. In Europe, any medical device, including software, must receive approval before being sold in the EU. This requirement also applies in the UK and several other countries globally. This process ensures safety, effectiveness, and compliance with rigorous national and international standards.
Michael Blaivas, ThinkSono’s CMO and Professor of Emergency Medicine, says, “The inability to quickly and timely rule out lower extremity DVT has been the bane of healthcare providers for decades. This problem impacts settings from office practices, clinics, emergency departments, hospital floors to intensive care units and more.”
“ThinkSono’s technology addresses this problem directly and has the potential to significantly improve patient care across Europe and beyond.”
With partnerships in hospitals across Europe, including the UK, Germany, and Greece, ThinkSono says it aims to position itself as a “leader” in the field of AI ultrasound guidance technology.
Besides the funding, ThinkSono also unveils strategic partnerships with the US healthcare institutions, NYU Langone Health and Temple Health, in its quest for FDA approval for its products.
This collaboration will expedite regulatory processes, paving the way for ThinkSono’s technology to enter the American healthcare market. ThinkSono Guidance is available in the EU/UK only.
Founder Fouad Al Noor, says, “We are thrilled to announce this significant funding milestone and the achievement of key regulatory milestones for our ThinkSono Guidance system.”
“This funding will enable us to further advance our mission of revolutionising medical imaging technology, while our partnerships with NYU Langone Health and Temple Health underscore our commitment to delivering innovative solutions that ultimately improve patient outcomes.”
