West Hill coinvest in an £8.3million round for Danish Medtech Pioneer, TracInnovations

West Hill subscribed £5.5million of the total capital raised for TracInnovations, a leading developer of a patented markerless motion tracking and correction technology for MRI scans. The funding round was oversubscribed within 24 hours of launch, with West Hill investors obtaining equity alongside existing TracInnovations shareholders, including Danish VC Investo Capital.

From the same stable as West Hill portfolio companies such as Norlase and Unibio (in collaboration with the Danish Technical University), TracInnovations has developed a differentiated markerless motion tracking and correction technology for research and clinical use in MRI machines, particularly for brain scans. 

The Company’s entry product comprises a surface tracking device, known as Tracoline, and an associated primary software system package known as TracSuite that computes and displays motion data in real-time. Based on this data it is possible to produce motion corrected images, enabling MRI clinics to reduce the need for rescans caused by patient movement, as well as the use of anesthesia and sedation needed for patients that struggle to lie still, such as children. Research suggests this can spare children from potentially dangerous side effects from anesthesia and sedation while the hospitals gain significant yearly cost savings.

TracInnovations solutions are currently being used at many of the most prominent MRI research sites in the world, already being installed in Denmark, USA, Wales, Sweden, France, Germany and Switzerland in institutions such as Boston Children’s Hospital and The Danish National Hospital (Rigshospitalet). 

The Company looks well placed to achieve significant growth in the coming years and the funds raised will enable the Business to accelerate product development, secure further regulatory approvals and to scale the Company’s production, sales and strategic marketing efforts.