Innovative Scottish technology company Novosound receives £3.3 million investment
03/02/2020
Foresight Group has announced a £500,000 investment from the Foresight Scottish Growth Fund in award-winning novel thin-film ultrasound technology company Novosound Ltd. The Fund is financed by the Scottish Growth Scheme through a combination of Scottish government funds and the European Regional Development Fund (ERDF).The investment was part of a larger £3.3 million round led by Foresight Williams Technology EIS Fund, which invested £1.5 million, alongside £1.3 million from existing shareholders, including Par Equity, Kelvin Capital, Gabriel Investments, the University of the West of Scotland and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
Novosound was established in 2018 by Dave Hughes, CTO, and Richard Cooper, CEO, as a spin-out from the University of the West of Scotland, where Hughes invented its core IP during his time as a Research Fellow. Richard brings industry expertise as a successful technology entrepreneur.
Utilising the latest thin-film deposition techniques, Novosound’s patented innovation represents a turning point for ultrasound sensor technology. Operating in a high growth market valued at £35 billion, the company has developed a unique thin-film core material that eliminates the limitations associated with existing ultrasound sensor solutions.
The new sensor technology has enabled the company to produce higher resolution imaging, ‘fit and forget’ sensors that can operate continuously at high temperatures and what it claims is the world’s first truly flexible ultrasound sensor. While the technology will allow the company to develop products for the healthcare and wearables markets in the future, applications of the technology centre around the NDT market at present. Novosound’s flexible sensors can significantly improve the inspection of curved surfaces in aerospace, automotive and industrial applications. Its fit and forget sensors, with the ability to withstand high temperatures and be permanently installed, enable completely new applications, such as the real-time monitoring of high-value oil & gas assets, to predict necessary maintenance and greatly reduce downtime.
The investment will allow the company to match fund a £1 million research and development (R&D) grant for product development from Scottish Enterprise and pursue its ambitious 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 and Williams’ extensive expertise in ultrasound NDT techniques currently applied by its F1 team.
Graeme McKinstry, Investment Manager at Foresight, commented: “Novosound is an excellent example of the talent and innovation coming out of universities in Scotland. We are delighted to have the opportunity to support entrepreneurs in the region and invest in early-stage innovative Scottish businesses through the Foresight Scottish Growth Fund, in partnership with Foresight Williams Technology EIS Fund.
“The highly disruptive technology developed by the company has global market application with the potential to contribute to increased productivity, with applications across many industries, including oil & gas and infrastructure. The investment will also enable the company to pursue opportunities in untapped markets, such as healthcare and wearables.”
Dave Hughes 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 teams at Foresight and Williams, who have proved themselves thus far as ideal partners for our growing technology business.”
www.novosound.net
www.foresightgroup.eu
