Novosound, a spin-out from the University of the West of Scotland has secured £3.3 million investment to further develop its pioneering ultrasound technology.
The Foresight Williams Technology EIS Fund led the investment round, pledging £1.5m alongside £500,000 from the Foresight Scottish Growth Fund.
Foresight’s Scottish Growth Scheme is funded through a combination of Scottish Government cash and the European Regional Development Fund. Earlier this year, the Scottish Government brought Foresight on board to manage the fund.
Novosound said the investment will enable it to match fund a £1m R&D grant for product development from Scottish Enterprise, target new industries and expand into global markets.
Dave Hughes, founder and CTO of Novosound, commented: “This investment is really exciting for the team at Novosound as it will help us scale our operations and launch our advanced sensors for industrial monitoring and inspection.
“We are delighted to be working with Foresight and Williams, who have proved themselves thus far as the ideal partners for our growing technology business.”
£1.3m was also invested by existing shareholders, including Par Equity, Kelvin Capital, Gabriel Investments and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
Established in 2018 by Dave Hughes and Richard Cooper, who serves as CEO, Novosound has developed groundbreaking techniques to mass-manufacture printable ultrasound sensors.
Ultrasound sensors produce sound waves with frequencies above human range which transmit through an object to measure or image internal features. Although commonly used in healthcare, ultrasound imaging is also extensively applied in industrial settings as a “Non-Destructive Testing” (NDT) technique to help reveal sub-surface deformities, cracks or corrosion.
Novosound’s technology has applications in a host of industries, including the oil and gas industry. It is said the firm’s flexible sensors could also “significantly improve” the inspection of curved surfaces in aerospace, automotive and industrial applications.
The global ultrasound technology market is worth around £35 billion annually and is expanding rapidly.
Graeme McKinstry, investment manager at Foresight, said: “Novosound is an excellent example of the talent and innovation coming out of universities in Scotland. We are delighted to have the opportunity to support entrepreneurs in the region and invest into early-stage Scottish businesses through the Foresight Scottish Growth Fund in partnership with Foresight Williams Technology EIS Fund.”