Investo Capital has entered into an investment agreement with TracInnovations, one of Denmark’s rising stars in the field of advanced medical technology. The investment will help TracInnovations further develop the company’s unique technology, which enables magnetic resonance imaging (MRI) scans of children and adults who struggle to lie still during the scan. This is expected to contribute to a reduction in the use of general anaesthetic during MRI scans as well as a significant reduction in the need for subsequent rescans.
Aalborg/Ballerup, 5 April 2019 – TracInnovations’ technology is based on many years of research by the company’s current co-owner and CTO, Oline Vinter Olesen, who has been working on the technology since 2006 at DTU and Rigshospitalet. TracInnovations was established as a company in 2015, after which things really began to take off. TracInnovations’ technology is already being used for research purposes at Rigshospitalet, Boston Children’s Hospital, Karolinska University Hospital and Cardiff University Brain Imaging Center, which is regarded as Europe’s leading MRI research institution. TracInnovations’ technology can be integrated with MRI scanners from GE, Philips and Siemens. Collectively, these three companies account for a significant share of the market.
TracInnovations’ technology helps MRI staff get more satisfactory MRI scan results. It is also expected that the technology can help make MRI scans an increasingly feasible option for patient groups that struggle to lie still. This is possible with the help of an advanced 3D surface scanner that shows whether a patient moves during the scan with pinpoint accuracy. If the scanner detects the patient has moved, the staff can immediately perform a new scan. This represents a quantum leap in the field because it helps avoid hospitals having to recall patients for a second scan, while also allowing clinics to reduce the number of rescans, the use of general anaesthetic on children and diagnostics based on blurred images. These are one of the reasons behind Investo Capitals’ decision to invest in TracInnovations, which has also previously received a significant injection from Syddansk Innovation (SDI), which invests venture capital in innovative ideas. SDI will also be providing additional funding in this round.
- “It all began more than a decade ago, and since then I’ve had a strong focus on research, development and clinical verification of our Tracoline system. With our current team of six employees and external partners, we have achieved great results in collaboration with our clinical partner which can optimise the use of MRI scans internationally. The potential of TracInnovations’ technology is tremendous and can also find application in other areas such as CT and PET scans. Most importantly, we expect that in the long run, TracInnovations’ technology can help make a large portion of general anaesthesia administration for children – which should ideally be avoided – unnecessary,” said Oline Vinter Olesen, CTO of TracInnovations.
- “We are looking into a global market, and our first hospital customers have confirmed that combining our technology with MRI scanners can ensure more accurate scans and thereby allow for more accurate diagnoses. It also allows hospitals to perform MRI scans on more patients, as we help optimise the scanning workflow. Today, 10-20% of patients are recalled for a rescan due to blurred images. With the new injection of capital, thanks to a new investment by Investo Capital together with Syddansk Innovation, we can now carry on with the positive development of our company and product,” said Kim Bendixen, CEO of TracInnovations.
Heartland and NOVI Innovation joined forces to found Investo Capital last year, as both parties believe there is a gap in the market for seed and early-stage investments in Danish startups. Investo Capital’s investment strategy focuses on companies with innovative technology and which have found their first customers and partners, putting them at a stage where they are ramping up commercialisation and product development. Not only does TracInnovations fit that profile, but the core values of TracInnovations and Investo Capital are very similar.
- “We have followed TracInnovations’ development for some time now, and we are impressed with their pioneering technology and ability to establish partnerships with some of the most esteemed MRI scanning hospitals in the world. The market for MRI scanners in neurology is expected to grow by around six per cent a year, and the application of the technology is set to increase as it becomes more sophisticated and increasingly used for purposes such as earlier diagnosis. We are confident that the company has international development potential, which is why we will do our part to support its growth and contribute to creating an even stronger business,” said Thor Birkmand, Partner at Investo Capital.