Apr 5, 2017 | By Benedict
axial3D, a 3D printed medical model specialist based in Belfast, UK, has raised over £500,000 ($624K) in seed funding to bring its medical 3D printing tech to new markets. Techstart NI, the largest single investor, pledged £100,000 in the round, and has now contributed £250,000 in total.
axial3D board members Dr Sandy McKinnon, Patrick Hurst MBE, and Wesley Hanson (l-r)
While its claim to having “the most state-of-the-art 3D printing service in healthcare” might be up for debate, there’s no doubt that Northern Ireland-based additive specialist axial3D is cementing its place in the rapidly growing field of medical 3D printing.
The company’s rise continued apace yesterday, as it announced the acquisition of more than half a million pounds in seed funding, 20 percent of which came from North Ireland-based technology investment group Techstart NI.
axial3D says it will use this newly acquired money to develop axial3D Insight, “an innovative workflow solution that facilitates efficient access to 3D printed patient-specific anatomical models for surgical planning.”
3D printed surgical models are now in demand across the world, and are consequently being produced by a large number of medical device manufacturers. But the ubiquity of 3D printed medical models hasn’t stopped axial3D from attracting more than its fair share of interest.
The axial3D business model
The UK company says demand has never been higher for its 3D printed models, which it says can be used “to better understand a patient’s unique pathology, facilitate preoperative planning, and improve the surgical outcome for patients,” as well as functioning as “practice” models for surgeons attempting new procedures.
Techstart NI, the largest single investor in the funding round, pledged £100,000, bringing its total investment in axial3D to a quarter of a million pounds.
“axial3D’s personalized anatomical models are already making profound impacts in both the quality and cost of surgical interventions,” said Dr Sandy McKinnon, Investment Director at Techstart NI. “These physical 3D printed models allow surgeons to see and interact with their patient’s anatomy, removing the guesswork involved with interpreting MRI and CT scans.
“The unparalleled insight the models give really does help the surgeon get it right first time and saves the healthcare provider both time and money.”
In addition to securing additional funding for axial3D Insight and other projects, axial3D has also attracted leading entrepreneur Patrick Hurst MBE, an early adopter of 3D printing, to invest and join the Board of Directors as axial3D Chairperson. Hurst, once CEO and co-owner of Whale, had been a non-executive director of and investor in axial3D since early 2016.
“Three things compelled me to become involved with axial3D: the calibre of the team, the pedigree of its 3D printing technology and services, and its exceptional commitment to client delivery,” Hurst commented.
“I firmly believe that axial3D is set to disrupt the 3D printing landscape, creating opportunities to revolutionize patient care. I’m looking forward to working with the team and seeing this service rolled out globally.”
axial3D raised a whopping £300,000 around Christmas 2015 in order to develop its 3D Printing Facility and 3D printing services. The company runs an online ordering service through which medical professionals can upload medical scan data. Upon receiving this data, a team of software engineers, biomedical scientists, and 3D printing technicians will 3D print and send a high-quality physical model of the scan.
Posted in 3D Printer Company
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There is something very wrong in all these companies raising millions and using low cost printers and open source software... not good
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