November 1 2022
M E E T T R A C I N N O V A T I O N S A T R S N A 2 0 2 2
TracInnovations will be exhibiting at the Annual Meeting for the Radiological Society of North America, from November 27 to November 30 in Chicago, IL.
Learn more about our motion correction solutions by visiting booth 3142, at the South Hall.
To book a meeting with us, click here
For more information about RSNA22, click here
October 10 2022
October 5 2022
Announcement of our new CEO
We are very pleased to announce the incorporation of Stefan Ovesen Banke as the new CEO of TracInnovations.
Stefan has a background from optical physics, with extensive experience within medical devices, with direct responsibility for regulatory affairs, clinical trials, product development and fundraising.
Stefan has extensive experience from the medical device industry as both a founder and entrepreneur. He co-founded RSP Systems in 2006, having acted in roles as both CTO and CEO.
He will assume management of all day to day operations from October 1st. Dale Flanders will continue his affiliation with TracInnovations in 2023 as Co-CEO
Join us in welcoming Stefan to the team, and celebrating this new chapter for our company
September 8 2022
August 1 2022
June 24 2022
Announcement of our new COO
We are very pleased to announce that Nicklas Hall Jarnel has been appointed COO of TracInnovations. For the immediate future, he will continue to have responsibility for New Business Development as well as his COO duties.
Nicklas has a Master’s degree in Economics and Business Administration from Copenhagen Business School. He is a serial entrepreneur and business developer.
Nicklas joined TracInnovations in March 2020.
June 17 2022
TracInnovations is looking for a Senior Software Developer (C++/Python) to join our Ballerup team.
See the position below to apply or share with your network.
May 4 2022
M E E T T R A C I N N O V A T I O N S A T I S M R M 2 0 2 2
TracInnovations will be at ISMRM 2022. Please stop by our booth C20 and learn more about our Markerless Motion Tracker and Motion Correction solutions. If you would like to book a meeting in advance, please click here.
January 29, 2022
P R E S S R E L E A S E
TracInnovations secures 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.
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”.
For further information, please contact:
Dale Flanders, CEO i TracInnovations, +1 978 987 9940 / email@example.com
Agnes Friese Skov, COO i TracInnovations, +45 30 31 33 70/ firstname.lastname@example.org
Nicklas Hall Jarnel, Director of Business Development, TracInnovations, +45 61 78 07 53 / email@example.com
PR: Jacob Lange, Lange PR, mobil 20 76 30 20 / firstname.lastname@example.org
TracInnovations is a MedTech company from Denmark, established in 2015 with the vision of providing accurate and reliable motion tracking and correction for the MRI environment, enabling especially children and certain motion impaired patients to be scanned without the use of anesthesia or sedation.
November 26, 2021
M E E T T R A C I N N O V A T I O N S A T A R A B H E A L T H 2 0 2 2
TracInnovations will be at Arab Health 2022 in Dubai, UAE. Please meet us in person and learn more about MRI Motion Correction with our Markerless Motion Tracking System for neurology research. If you would like to book an in person meeting in advance – please click here. See you at ArabHealth 2022.
November 18, 2021
M E E T T R A C I N N O V A T I O N S A T A S P N R 2 0 2 2
TracInnovations will be at American Society of Pediatric Neuroradiology 2022 in Florida. Please meet us in person and learn more about MRI Motion Correction with our Markerless Motion Tracking System for neurology research. If you would like to book an in person meeting in advance – please click here. See you at the TracInnovations booth at ASPNR2022.
November 1, 2021
M E E T T R A C I N N O V A T I O N S A T R S N A 2 0 2 1
TracInnovations will be at Radiological Society of North America, RSNA 2021 in Chicago. Please meet us in person and learn more about MRI Motion Correction with our Markerless Motion Tracking System for neurology research. If you would like to book an in person meeting in advance – please click here.
Please visit our vitual RSNA2021 booth here: https://rsna2021.mapyourshow.com/8_0/exhibitor/exhibitor-details.cfm?exhid=01060950
September 17, 2021
New open position!
We are currently looking for a clinical scientist, who can help us establish clinical studies with key partners, in order to assist development.
Come join our team, or share the opportunity with your network
August 25, 2021
TracInnovations adds to Mgmt. Team in North America
TracInnovations is expanding its management team with the addition of Michelle L. Stock, Ph.D., to lead business development and sales in North America.
Michelle has held product commercialization and business development positions with photonics and laser companies ranging from startups to public companies in the material processing, telecom, biomedical and scientific sectors and was co-founder of Arbor Photonics. Her Ph.D. from the University of Michigan is in electrical engineering with a thesis on ultrafast optical fiber lasers.
Michelle joined TracInnovations as of August, 2021 and is based in the US
April 29, 2021
P R E S S R E L E A S E – F D A 5 1 0 ( k ) C L E A R A N C E
TracInnovations Announces FDA Clearance and U.S. Launch of a Markerless Motion Tracking System compatible with Magnetic Resonance scanners from Siemens, GE and Philips.
Copenhagen April 29, 2021 – TracInnovations A/S today announced U.S. Food and Drug administration (FDA) 510(k) clearance of a Markerless Motion Tracking System. This system uses an advanced 3Dvision system to monitor, record, and report movements in real time. The system was developed to fulfill clinical requirements in a user-friendly setup, with reliable tracking quality, and high speed motion feedback. Use of the Markerless Motion Tracking System requires minimal additional work from the scan staff.
The Markerless Motion Tracking System creates high quality 3D images from structured invisible infrared light, enabling precision measurement of any movements of a patients head all while supporting a smooth operational workflow andpatient comfort. The Markerless Motion Tracking System is delivered with a TracSuite software package, which has a simple to use Graphical User Interface. A video monitor provides a real time patient image and a digital output continuously of any movement in six degrees of freedom.
“TracInnovations is bringing the first Markerless Motion Tracking System to market with options to support clinicians with state-of-the-art patient imaging and precision motion tracking. In addition the Markerless Motion Tracking System enables, in research environments only, retrospective and prospective correction of motion artifacts in MRI images.” said Dale Flanders, CEO of TracInnovations.
TracInnovations A/S is a Danish company established in 2015 focusing on innovative solutions for image based diagnosis and treatment. TracInnovations has developed the Markerless Motion Tracking System, which is a MRI Markerless Motion Tracking and Monitor System using invisible infrared light to measure and record patients head movements during brain scans. The company is focused on collaborating with stakeholders around the world to advance healthcare.
See press release.
April 12, 2021
Announcement of our new CTO
TracInnovations is very happy to announce the promotion of our former Software Lead, Stefan Glimberg, to CTO.
Stefan has a PhD in advanced mathematics and computer science from Copenhagen University. He is an expert in computer vision, and has been an integral part of the TracInnovations team for many years, making him the natural selection as our next CTO.
Stefan has joined the management team per April 2021.
APRIL 7, 2021
M E E T T R A C I N N O V A T I O N S A T I S M R M 2 0 2 1
TracInnovations will be at ISMRM 2021. Please come by our virtual booth and learn more about our Markerless Motion Tracker and Motion Correction solutions. If you would like to book a meeting in advance, please click here.
April 6, 2021
TracInnovations is happy to welcome Kristian Møller Christensen as our new QA Manager.
Kristian has a strong background in implementing quality management systems and will be the fundamental driver of TracInnovations’ quality and regulatory processes, including QMS systems.
JANUARY 15, 2021
We Are Hiring!
TracInnovations are now looking for the right candidates for our new CSO and QA Manager.
We are offering a strong career opportunity in a start-up entering its growth phase. You will be part of a world class team and have a chance to make an impact on our journey towards helping vulnerable patients worldwide.
SEPTEMBER 21, 2020
The whole TracInnovations team is proud to announce the closing of a significant fundraising round from both current and new investors. Closing occurred during July and with it came very strong additions to our group of shareholders, enabling us to grow as a company and ensure the MRI scanner market is catered to with the highest quality motion tracking and correction available. With the fundraising round came changes to our management team as well as our board of directors.
Agnes Friese Skov entered the management as COO. Agnes has extensive experience in R&D and operations as both a leader and medical advisor. She was COO of Asiros and Chairwoman of the board at Qmed Consulting.
David Hardwick entered the board as our new chairman, bringing with him 40 years of experience from the photonics industry, as well as extensive experience as a CEO and chairman. David has been part of several exits, including Altitun AB and is currently the chairman at Norlase ApS and Faunaphotonics ApS.
Jim Hsieh entered as a director of the board. Jim has conducted research at MIT Lincoln Laboratory where he invented semiconductor lasers for optical fiber communications. He is a member of National Academy of Engineering and has founded Lasertron Inc., Wuhan Telecommunications Devices Company and Sheaumann Laser Inc.
The board of directors now consist of David Hardwick, Thor Birkmand, Jes Broeng, Jim Hsieh and Oline Vinter Olesen
JUNE 2, 2020
TracInnovations are now hiring for 3 positions within engineering, computer vision and hardware development
This is a unique opportunity to play an important role in our continuous growth, while being part of a flexible and fast-paced environment.
Computer Vision Software Developer
APRIL 1, 2020
C E O
We are happy to inform that we have appointed Dale Flanders as our new CEO for TracInnovations. Dale has a PhD from Massachusetts Institute of Technology in the field of Electrical and Electronics Engineering. Dale has a background as Entrepreneur, CTO and President of Axsun. With Dale onboard we will expand our R&D activities and presence on the international MRI and PET market.
APRIL 1, 2020
C O M P U T E R V I S I O N E N G I N E E R
We are happy to inform that Fabian Schuetze (PhD) from the European University Institute, has joined the software team in TracInnovations as a computer vision engineer. Fabian have worked in the fin- and biotech industry and he will be part of the fast growing TracInnovations software team.
MARCH 1, 2020
B U S I N E S S D E V E L O P M E N T M A N A G E R
We are happy to inform that we have employed Nicklas Jarnel as our new Business Development Manager. Nicklas has a Master of Science degree from Copenhagen Business School within Economics and Business Administrations and is co-founder of several spinout companies from the Technical University of Denmark. With Nicklas onboard we will expand our activities on the international MRI and PET market.
JANUARY 28, 2020
M E E T T R A C I N N O V A T I O N S A T I S M R M 2 0 2 0
TracInnovations will be at ISMRM 2020 in Paris, France. Please come by our booth and learn more about our Markerless Motion Tracker. If you would like to book a meeting in advance, please click here.
JANUARY 23, 2020
M E E T T R A C I N N O V A T I O N S A T E C R 2 0 2 0
TracInnovations will be at ECR2020 in Vienna, Austria. Please meet us and learn more about our Markerless Motion Tracker for brain MRI scan. If you would like to book a meeting in advance – please click here.
JANUARY 14, 2020
T R A C I N N O V A T I O N S P A R T O F T H E M O S T A D V A N C E D H O S P I T A L I N N O R T H E R N E U R O P E
Jan 14, 2020 the Queen of Denmark inaugurated Rigshospitalet’s new North Wing, the most advanced hospital in Northern Europe. We are very proud that our MRI Motion Tracker is part of their modern solution. As Prof. MD Gitte Moos Knudsen, Neurobiology Research Unit, mentions in the news, the equipment can profoundly improve MRI image quality because it can correct for blurring caused by head motion. Patients with e.g. dementia or movement disorders can be scanned and sedation of children can be reduced. Watch the news from Danish TV Avisen, January 14th 2020, here (starting 6:30 into the clip).
DECEMBER 18, 2019
M E E T T R A C I N N O V A T I O N S AT A R A B H E A L T H 2 0 2 0
TracInnovations will be at Arab Health 2020 in Dubai, UAE. Please meet us and learn more about our Markerless Motion Tracker for brain MRI scan. If you would like to book a meeting in advance – please click here.
NOVEMBER 15, 2019
M E E T T R A C I N N O V A T I O N S A T R S N A 2019
TracInnovations will be at Radiological Society of North America, RSNA 2019 in Chicago. Please meet us and learn more about our Markerless Motion Tracker for brain MRI scan. If you would like to book a meeting in advance – please click here.
SEPTEMBER 20, 2019
O P E N P O S I T I O N A T T R A C I N N O V A T I O N S
TracInnovations is currently looking for a talented software developer to join our growing software team. Please see more details here and send your application to us as soon as possible.
SEPTEMBER 17, 2019
N E W I N V E S T O R S
In addition to the investments secured earlier this year from Investo Capital and Syddansk Innovation, a complementary investment has been undertaken with a consortium of private investors from US and Denmark. These include Dale Flanders, David Hardwick and Jes Broeng, all of whom come with a strong entrepreneurial background in combination with a comprehensive experience from medical science and technology driven companies.
With our new co-owners, we have added significant competence and expertise to the company and look forward to the cooperation in regards to enhancing further our technology and product development as well as our market expansion.
– Dale Flanders
Dale is an entrepreneur and author of more than 100 issued US patents and a substantial amount of technical publications and a substantial experience from especially fiber optic communications. He was founder of Axsun Technologies, supplying advanced technology to telecom, medical and industrial applications. Axsun raised more than USD 150 million of investments (while Dale served as CEO) and was sold to Volcano Corp. (specializing in cardiovascular diagnostics) and later to Philips. Dale today is investor and advisor in several companies, including Danish Norlase and Faunaphotonics. Dale has a Ph.D. in Electrical and Electronics Engineering from MIT.
– David Hardwick
David has been a part of the photonics industry for over 40 years and has extensive experience as CEO, board representative and investor. He is especially experienced in transformative situations including licensing, M&A, company funding and exits. He was on the board of Swedish start-up Altitun AB (tunable laser technology for all-optical networks) when sold to ADC for USD 935m in year 2000. David today is investor, board member and Chair in several companies, including Danish Norlase and Faunaphotonics.
– Jes Broeng
Jes is professor and director at DTU Entrepreneurship. From a science background, he has co-founded a number of successful Danish startups, including Crystal Fibre (sold in 2008, now NKT Photonics), Norlase, Bifrost Communications, OSAA Innovation and OptoCeutics. He is a member of the Danish Academy of Technical Sciences and a Fellow of SPIE (the international society for optics and photonics). Jes has strong international relations to UC Berkeley and he leads a national university-industry program in entrepreneurship.
SEPTEMBER 10, 2019
S A L E S D I R E C T O R , C S O
We are happy to inform that we have employed Ian Lauritzen as our new Sales Director, CSO. Ian has a solid background from the MedTech Industry – including 20 years at Philips Healthcare. With Ian onboard we will expand our activities on the international MRI and PET market.
MAY 20, 2019
( C L O S E D ) O P E N P O S I T I O N A T T R A C I N N O V A T I O N S
TracInnovations is currently looking for a high-performing and experienced Sales Director, who will be crucial in commercializing the company, fulfilling our sales targets and penetrating the international MRI and PET market.
MAY 1, 2019
V I S I T T R A C I N N O V A T I O N S A T I S M R M
TracInnovations will be at ISMRM 2019 in Montreal. Please come by our booth #425 and learn more about our Markerless Motion Tracker. If you would like to book a meeting in advance, please click here.
APRIL 20, 2019
J O U R N A L P U B L I C A T I O N S
We are very proud of the great work that our research collaborations do. Recently, two articles based on our markerless motion tracker have been published in recognized international journals.
Robert Frost et al. published their work in Magnetic Resonance in Medicine about fast motion tracking and high‐frequency motion correction during imaging echo trains. Read more about their work here: “Markerless high‐frequency prospective motion correction for neuroanatomical MRI”
Jakob Slipsager et al. published an article in PLOS ONE, evaluating the first markerless motion tracker compatible with PET, MRI, and simultaneous PET/MRI systems for motion correction of brain imaging. Read more about their work here: “Markerless motion tracking and correction for PET, MRI, and simultaneous PET/MRI”
APRIL 12, 2019
P R E S S R E L E A S E
Investo Capital invests in medtech company TracInnovations
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.