A university spin-out that helps test the safety of medical devices before they are used on human patients has landed a multimillion-pound seed investment.
Adsilico has pioneered a technique that uses data and generative AI to create “synthetic populations” that can be used for clinical trials. The firm, which was co-founded by scientists at the University of Leeds and Manchester, says it can help medical device manufacturers to speed up research and development while reducing the need for animal experimentation.
Now investors Northern Gritstone and Parkwalk Advisors have backed the business with sums of £2m and £1.5m respectively. The capital will be used to fund development in adsilico, which uses research funded by the Royal Academy of Engineering at the University of Leeds’ School of Medicine and Computing.
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Prof Alejandro Frangi, founder of adsilico, said: “Medical devices follow a lengthy evaluation with a tiny amount of scientific evidence currently derived from computer modelling and simulation. The cost is ever-increasing, delaying lifesaving benefits to patients. Northern Gritstone’s and Parkwalk’s investment and support will enable adsilico to offer a scalable solution to the medical device market to produce evidence on an unprecedented scale.”
Duncan Johnson, CEO of Northern Gritstone, said: “Computational modelling has the potential to revolutionise the MedTech industry and reduce the risks to humans. Northern Gritstone is delighted to support adsilico’s team, who once again demonstrate that great science and technology-enabled businesses are being created in the North of England.”
Moray Wright, CEO of Parkwalk Advisors, said: “We are proud to be backing adsilico through this seed funding round. adsilico’s pioneering approach to in-silico trials has potential to significantly accelerate the pace of innovation in medical device development. It’s fantastic to see this university spin-out take another step forward on its vision to bring safer and more efficient medical devices.”
Prof Nick Plant, deputy vice-chancellor of Research and Innovation at the University of Leeds, said: “This funding will help to redefine the development of medical devices, enhancing performance and safety with more certainty and speed, and most importantly, prior to human testing. It is a further testament to Leeds’ pioneering approach and strength in driving innovation to accelerate the adoption of new health technologies, delivering improvements and impact directly to healthcare professionals and patients.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
