axial3D, a leading innovator in web-based technology for 3D printing in healthcare, is pleased to announce it has closed an investment round bringing its seed funding to £530,000. The firm plans to heavily invest in further development of axial3D insight, an innovative workflow solution that facilitates efficient access to 3D printed patient-specific anatomical models for surgical planning.
axial3D has experienced a global increase in demand for its patient-specific 3D printed models which are typically used to better understand a patient’s unique pathology, facilitate preoperative planning and improve the surgical outcome for patients. Leading consultants also rely on axial3D’s bespoke models to develop new surgical techniques, trialling novel procedures in a consequence-free environment.
Techstart NI, the largest single investor, has pledged a further £100,000 in this additional round bringing its total investment to £250,000. Dr Sandy McKinnon, Investment Director at Techstart NI comments on the market forces that make axial3D poised for success:
“axial3D’s personalized anatomical models are already making profound impacts in both the quality and cost of surgical interventions. 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.”
axial3D has also attracted leading entrepreneur and early adopter of 3D printing, Patrick Hurst MBE, to invest and join the Board of Directors as axial3D Chairperson. Mr Hurst, formerly the CEO and co-owner of Whale, was pivotal in transforming the engineering sector through the use of 3D printing, leading to the firm’s acquisition by US-based Brunswick Corporation [BC (NYSE)] in 2014. A non-executive director and investor since early 2016, Patrick Hurst explains his reasons for helping to propel axial3D forward:
“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. 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.”
Established by Invest Northern Ireland as part of its Access to Finance strategy, Techstart NI provides support for early stage technology businesses and university spin-outs. Techstart NI is part financed by the European Regional Development Fund.