The deal with PAVmed will see the group develop technology aimed at advancing intravascular imaging. Bosses said the agreement would further Novosound’s move into healthcare and underpin its regional expansion into North America.
Chief executive and co-founder Dave Hughes said: “PAVmed has a strong track record in delivering commercial stage medical technology across medical devices, diagnostics, and digital health - the group is the ideal partner for Novosound as we increasingly gain traction in the international healthcare sector.”
Lishan Aklog, chairman and chief executive of PAVmed, added: “We believe Novosound’s proprietary ultrasound technology has the potential to be a once-in-a-generation breakthrough in medical imaging. We are excited to partner with Novosound with the goal of revolutionising the global intravascular imaging market.”
Novosound recently secured its latest investment, a £3.7 million funding round led by Par Equity, supported by Foresight Group, via the Foresight Williams Technology EIS Fund, Kelvin Capital and Scottish Enterprise. The firm’s patented thin-film manufacturing process, which is said to eliminate conventional limitations in ultrasound sensors including the high cost of high-resolution imaging, also underpins its pioneering non-destructive testing products - the Kelpie, Belenus and Nebula. The company has announced a series of international contract wins over the last 12 months, including with aerospace groups BAE Systems and GE Aviation, and Israeli-based digital health company dSound.
Paul Munn, partner at Par Equity, said: “Novosound has developed best-of-class remote sensor technology that is applicable across multiple sectors. The company continues to rack up international business wins including most recently with PAVmed, and Par is pleased to continue to support Dave and his team in the months and years ahead.”
In April, Novosound hailed two intellectual property milestones. While achieving a US trademark for its Kelpie product - one of its range of ultrasound sensors - the Scots firm was also granted a European patent that covers its core high resolution sensor technology. The firm also announced the acquisition of the assets of one of its main supply chain partners, which the company said would speed up product delivery.