SCOTTISH ultrasound technology company Novosound has received half a million pounds in investment from private equity firm Foresight’s Scottish Growth Fund.
Novosound’s sensors produce sound waves with frequencies above human range which can create internal images. Commonly known for its use in maternity wards and other hospital departments, ultrasound imaging is also extensively applied in industrial settings as a safe non-destructive testing technique for revealing below-surface deformities, cracks or corrosion.
Operating in a high-growth market valued at £35 billion, the company has developed a new material which eliminates limitations associated with existing ultrasound sensors. The new sensor has enabled the company to produce higher resolution imaging, “fit and forget” sensors that can operate continuously at high temperatures, and the world’s first truly flexible ultrasound sensor. Utilising the new “thin film deposition” techniques, Novosound’s patented innovation allowed the company to scoop up the investment.
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The investment will allow the company to match fund a £1m R&D grant for product development from Scottish Enterprise and pursue expansion plans into global
markets and new industries. The company will draw on Foresight’s track record of supporting the growth of early stage, innovative technology companies.
Dave Hughes, founder and CTO of Novosound added: “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 the team at Foresight and Williams who have proved themselves thus far as the ideal partners for our growing technology business.”
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