A medical technology startup, Wellumio, has raised $7.28 million in the first close of its pre-Series A funding round.
The funding round for Wellumio was led by Nuance Connected Capital. Other investors included Icehouse Ventures, NZ Growth Capital Partners’ Aspire Seed Fund, Pacific Channel, Booster, and Cure Kids Ventures.
Angel investor groups such as Flying Kiwi and Enterprise Angels also took part. International investors joined through the New Zealand Government’s Active Investor Plus (AIP) programme, along with retail investors who invested through Snowball Effect.
Wellumio is changing stroke care with its portable brain scanning device called Axana. The device can quickly detect an acute stroke and help doctors start treatment during the critical “golden hour,” when fast action can greatly improve recovery.
The new funding will be used to expand the team, grow operations, continue clinical development, improve Axana for large-scale manufacturing, and carry out further clinical testing. The pre-Series A round is still ongoing.
Stroke is one of the main causes of death and long-term disability worldwide. However, less than 5% of patients currently receive treatment within the “golden hour,” when the chances of surviving without disability are highest.
Wellumio cofounder and CEO Dr Shieak Tzeng said the wide range of investors validates both the clinical need they’re addressing and the progress made with Axana.
“With this funding, we will build our team and capacity and accelerate key clinical milestones to advance our portable, AI-enhanced MRI-based brain imaging technology along the clinical-commercial pathway – to bring faster, bedside stroke diagnosis closer to real-world emergency care when every second counts,” he said.
Wellumio is entering a fast-growing and competitive global stroke diagnostics market worth more than $8.9 billion.
The company competes with established players such as Hyperfine, which already sells its portable MRI system called Swoop. The market also includes advanced AI software tools that help doctors quickly analyze CT and CTA scans.
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