APPLICATION MEDICAL

Axial3D grows Revenues by 300% during Covid-19 Pandemic

medical 3D printing
medical 3D printing
Above: Axial3D is a medical 3D printing company/Image Credit: Axial3D

Axial3D recently announced the closing of a further £3M investment in its innovative medical 3D imaging business.

Axial3D has developed groundbreaking automated 3D imaging and printing offerings, using Artificial Intelligence, for surgeons which can dramatically advance the standards of surgical planning, diagnosis and treatment worldwide, particularly in the areas of neurosurgery, cardiac surgery, trauma and orthopedics. Surgeons using these solutions typically report a reduction of an average of 62 minutes time taken for critical surgeries, and an average reduction of the time of stay in the hospital by 18%.

These groundbreaking 3D images and models were used by surgeons in over 200 hospitals in 2020 to transform the outcomes of critical surgeries and the aim is to add a further 500 hospital users during 2021.

To further support this growth, Axial3D is delighted to have appointed 2 new Board directors, both of whom have over 30 years experience of rapidly scaling high potential medical device companies.

  • Mark Alvarez – Chairman, President & CEO at Innovation Technologies & IrriMax
  • Joey Mason – Health and Life Science venture investor and Head of Life Sciences Fund, M Ventures

Axial3D has raised £3M of additional funding that will be used by the company over the next 18 months to accelerate growth in local and international markets, with hospitals, healthcare systems and medical device companies. The funding round was supported by a combination of existing and new investors including Techstart NI, Co-Fund NI, Invest Northern Ireland’s new COVID-19 Equity Investment Fund, and Future Fund, backed by the British Business Bank.

Roger Johnston, CEO at Axial3D said “We have an opportunity in front of us to fundamentally change patient-specific care around the world. We believe that traditional 2D imaging will be replaced by 3D imaging as the basis for new standards of care over the next few years. Axial3D has a unique capability to be a true leader in this market. Axial3D is truly thankful for the support of all of our investors and to Invest Northern Ireland in particular for its continued support and confidence in our business, even in these really unique times.”

Congratulating the company, Kevin Holland, CEO of Invest NI, said: “Axial3D is a fast growing company and over the last five years, Invest NI has supported this growth through R&D assistance and support to grow its team and increase its exports. I’m pleased to see the first completed investment from our new COVID-19 Equity Investment Fund which is giving Axial3D access to vital investment which will help it overcome the challenges presented by COVID-19. Coupled with our support from our Access to Finance funds, Techstart NI and Co-Fund NI will help Axial3D respond to COVID-19, build on its international success and aid its future growth ambitions.”

TechstartNI and Co-Fund NI are part of Invest NI’s Access to Finance portfolio and part-funded by European Regional DevelopmentFund under the EU Investment for Growth and Jobs Programme 2014-2020.


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