New Zealand-based medtech firm Wellumio has secured US$7.3 million in the first close of its pre-Series A funding round to advance its innovative stroke detection technology. The investment, led by Nuance Connected Capital, will fuel the development of Wellumio's portable Axana MRI device. This technology is designed to bring critical neuroimaging directly to the patient's bedside, aiming to transform acute stroke care.
Fueling Clinical and Commercial Milestones
The newly acquired capital is earmarked for several key strategic initiatives to propel the company forward. Wellumio plans to expand its multi-centre Phase 2 clinical trials, refine its manufacturing processes, and grow its specialized team. These funds are also critical for navigating the regulatory approval pathways necessary for entering the lucrative United States market.
Founded in 2019 by neuroscientist Shieak Tzeng and signal processing expert Paul Teal, Wellumio is the culmination of a collaboration that began in 2013. This latest funding builds on previous successes, including $4.25 million in seed funding and significant government grants. The consistent backing from investors like Icehouse Ventures and NZ Growth Capital Partners underscores confidence in the company's vision.
The Axana Device: A New Frontier in Neuroimaging
At the heart of Wellumio's mission is the Axana device, a portable, low-field magnetic resonance imaging system. It utilizes proprietary Pulsed Gradient Free Mapping and AI-powered analytics to deliver rapid brain perfusion assessments without contrast agents. This innovative approach is engineered to provide MRI-quality diagnostics in settings previously inaccessible to such technology, like ambulances or emergency rooms.
The primary goal of Axana is to enable diagnosis within the critical "golden hour" following a stroke, when immediate treatment can significantly improve patient outcomes. By bringing the scanner to the patient, Wellumio eliminates delays associated with transporting individuals to large, fixed MRI machines. This is particularly beneficial for smaller hospitals that often must transfer stroke patients, a process that consumes time and resources.
Navigating a Competitive and Evolving Market
Wellumio enters a dynamic and competitive global stroke diagnostics market valued at over US$8.9 billion. The company faces established rivals, including firms like Hyperfine, which is already commercializing its Swoop portable MRI system. Furthermore, the field includes advanced AI software tools designed to accelerate the interpretation of existing CT and CTA scans.
To succeed, Wellumio must demonstrate a clear clinical advantage over these incumbent technologies. The company has already begun this process by enrolling its first patient in a feasibility and safety study at Royal Melbourne Hospital in Australia. Proving the Axana device's superior performance and usability will be crucial for its adoption by stroke care teams worldwide.
This successful funding round marks a pivotal moment for Wellumio, providing the necessary resources to validate its groundbreaking technology on a larger scale. As the company advances through clinical trials and toward commercialization, its portable Axana device holds the promise of revolutionizing stroke diagnostics. This innovation could dramatically improve outcomes for millions of patients by making timely, critical imaging more accessible than ever before.