Funding of USD 11.4 million from West Hill Capital and current investors

Ballerup, Denmark – January 29, 2022 – The Copenhagen based MedTech company TracInnovations, has closed USD 11.4 million in funding through a combination of current investors and the London based venture capital firm West Hill Capital.

Funding of USD 11.4 million from West Hill Capital and current investors

TracInnovations has developed markerless motion tracking and correction solutions for the MRI environment, particularly suitable for medical brain imaging. 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 Swtizerland in institutions such as Boston Children’s Hospital and The Danish National Hospital (Rigshospitalet). “We have purposely targeted acknowledged research institutions to prove the benefits of our solutions and with the aim of optimizing them towards the clinical market. The partnerships with these research institutions have enabled us to improve our products to a state where we know we can make a big impact in the MRI industry, both by providing greatly improved imaging of the brain and by sparing children for anesthesia and sedation, reducing the risk for potentially dangerous side effects.” Says CEO Dale Flanders.

This funding round will enable TracInnovations to scale and mature as a company, with the proceeds focused on 4 main areas:

  • Extensive trials in clinical settings to confirm the value of our solution for motion correction
  • Accelerating product development of our advanced product
  • Securing further regulatory approvals
  • Scaling of production, sales, and strategic marketing efforts

Both current investors and new investors support TracInnovations in their efforts. “West Hill is delighted to be supporting TracInnovations which we believe is a groundbreaking MedTech company that has a very real potential not only to dramatically improve medical diagnosis and therefore give better patient outcomes, but also enable €millions in cost savings every year,” said Robert Caie, Managing Partner of West Hill Capital.

Thor Birkmand, Partner at Investo Capital added “As lead investor since 2019, we are excited about the strong progress of the company and impressed by the expertise and execution capabilities of the team. The company has been able to advance and enhance a complex and pioneering technology related to MRI scanners in neurology, continuously establish and manage partnerships with some of the most esteemed MRI scanning hospitals in the world while at the same time announcing an important FDA 510 (k) clearance in early 2021. We remain confident that the company has a substantial international potential based on the ability to support clinicians with state-of-the-art patient imaging and precision motion tracking”.

Meet TracInnovations at FITN’G 2023

Save the date! We are sponsoring and exhibiting at the 2nd annual Fetal, Infant, and Toddler Neuroimaging Group Conference, September 10-11 in Santa Rosa, CA.

Meet TI in Berlin, Germany

The TracInnovations team is soon going to Berlin, Germany! Check out our schedule:

– September 6-7: 25th annual meeting of the ISMRM German Chapter at the PTB Institute

Imaging the developing brain – where do we go from here?

TracInnovations will be present during the MR Symposium “Imaging the developing brain – where do we go from here?” August 24-25 in Rigshospitalet, Copenhagen, Denmark.

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