Bates Wells has advised pioneering ultrasound AI company, ThinkSono, on its £4.5m fundraise from a mix of institutional funds, PE and private wealth.
ThinkSono has built the world’s first AI software for deep vein thrombosis (DVT) detection which can improve the clinical pathway significantly. A ThinkSono Guidance exam typically takes less than 15 minutes using only a compatible handheld device and a mobile phone.
This is the second round of seed funding which was oversubscribed. The company has raised £9.6m to date. The new funding has enabled the company to increase its team size and fill key positions, including a CFO, Sales Director, Chief Compliance Officer, UK Medical Director, and expand its medical advisory board. ThinkSono has also expanded its U.S. operations with key staff and is progressing with multi-centred clinical trials.
The Bates Wells team was led by Nirav Patel and supported by Robbie Speakman.
Nirav Patel, who led the Bates Wells’ Corporate team on the investment, commented:
“We have worked with Fouad and his team for some time now through various stages of ThinkSono’s journey and so have had a clear insight into the sheer dedication and work that has been put into making ThinkSono what it is. The technology they have created will be an unquestionable game-changer for the medical community, dramatically speeding up the time for collecting and analysing DVT ultrasound scans. This funding round will enable ThinkSono to continue with its excellent work in this field.”
Fouad Al-Noor, Co-Founder and CEO of ThinkSono, commented:
“We have worked with Nirav and the Bates Wells team for several years now and could not have found a better partner. They have given us the support that we needed in both good times and bad. Nirav and Robbie have gone above and beyond on many occasions to support the company and ensure we can operate effectively.
We’re very pleased with our oversubscribed second seed round close. This funding will help us continue commercialisation in the UK and EU, expand our team with clinical, technical, commercial and regulatory support and double down on our U.S. expansion via clinical trials through partnerships with the most prominent hospitals in the country. Not only did we receive significant funding from Venture Capital firms, but also from prominent vascular surgeons and other expert clinicians which serves as a testament to the important of our technology in the healthcare space.”
