Frontwave obtains resources to further develop. The investment fund Femu Ventures has entered the Spanish company’s capital, sources close to the company have confirmed. This company commercializes a 3D ultrasound supercomputing software, UBIware, and aims to more efficiently identify breast cancer cases.
Femu has been one of the main investors in a financing round that has raised $880,000 (€750,000). In addition to the fund, Frontwave has had the support of other private investors, different business angels, and the company’s own team.
The objective of this round, which has been closed during the last few days, is to finance the first human trials and to expand the current staff of fifteen workers, according to Frontwave’s financial sources.
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Frontwave expects to open another financing round, this time for more than $1.76 million (€1.5 million), by the end of 2022
The clinical trials will initially be carried out at the Vall d’Hebron Hospital in Barcelona and will be coordinated by the Catalan hospital’s Research Institute. Subsequently, the company aims to move the trials to a “multicenter” phase.
In addition, the company is preparing another financing round of $1.76 million (€1.5 million) at the end of 2022. Subsequently, once the product is on the market in 2023, the company plans to expand UBIware to Europe, the United States, and China.
The Asian giant is shaping up to be a highly attractive market for Frontwave. Firstly, because of the low maturity of breast cancer screening systems in the country and, in addition, because of the higher prevalence of dense breasts among the population.
The company expects to have a turnover of $235,000 (€200,000) in 2023, once the product is certified by clinical trials
The company, which was created as a spin-off of the BSC and Imperial College London, assures that the potential differential of Frontwave is the higher quality of the images thanks to its software system, which compiles the data from the ultrasound devices. This higher quality would allow more accurate diagnosis of breast cancer diagnostic tests, especially in cases of women with dense breasts.
Once the product is certified by clinical trials, the company expects to have a turnover of $235,000 (€200,000 by 2023 and, in addition, to be producing 3D images at a maximum cost of one hundred dollars by 2025.
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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