Micrima, a UK-based breast imaging company has secured £4.4m through a new equity funding round led by Technology Venture Partners, The Angel CoFund (ACF), and Venture Founders among others.
The new funding has raised the company’s total capital amount to £10.7m.
Micrima said that the proceeds from the latest round will be utilized for the further development of MARIA, the company’s radiowave breast imaging system. The company said that it is looking for MARIA to play its part in making breast screening safer and more comfortable while reaching out to a larger portion of the global female population.
Micrima is also looking to use the funds to advance its breast imaging system towards a full commercial launch later this year.
Currently, MARIA is being used in symptomatic clinics. Micrima is aiming to have the system adopted widely as a feasible alternative to mammography breast screening.
According to the Bristol-based firm, MARIA uses harmless radio-waves to detect breast cancer. Unlike mammography, MARIA uses ionizing radiation, thereby doesn’t require breast compression and in turn, making the process painless for women.
Micrima executive chairman Roy Johnson said: “The market has been prepared over the past 18 months through the publication of our historical clinical trial data, and attendance at numerous congresses and trade shows to showcase our breakthrough technology.
“As a result, we have many influential clinicians and partners anticipating the launch of MARIA later this year. We look forward to putting the product we have worked so hard to create into their hands for the first time.”
Micrima said that the MARIA radiowave breast imaging system had been demonstrated to be effective, particularly in dense tissue. The system has been trialled in more than 400 women in the UK with more trials to begin at leading European centers, said Micrima.
ACF investment director Tim Mills said: “We’re delighted to be part of this latest round and to provide further backing behind the Micrima team, who continue to take forward this life changing technology through from the lab to a commercially viable product.
“Micrima has had great success in clinical trials and the team’s work in bringing this important technology to fruition has been extremely impressive.”