Aitrasound® Medical Group Announces Completion of a Pre-A Financing Round of Nearly 60 Million Hong Kong Dollars, Launching New Brand Aitrasound® and an AI Medical Imaging Product Line
Recently, Aitrasound® Medical Group (Telefield Medical Imaging Limited) announced the formal completion of a pre-Series A financing round of nearly 60 million Hong Kong dollars. The pre-Series A financing was started in March 2023 with an initial round of nearly 40 million Hong Kong dollars, and successfully added with 2.5 million US dollars in the first quarter of this year. Led by the AEF Greater Bay Area Fund managed by Gobi Partners GBA, the investment will be mainly used for the establishment of Internet hospitals and a digital therapy platform for schools and families, achieving an integrated commercial loop of screening, diagnosis, and treatment for scoliosis.
The company has now officially started its Series A financing. It plans to raise an initial round of 50 million RMB to expand the integrated new business model for musculoskeletal chronic disease screening, diagnosis and treatment, as well as to develop its product line on Aitrasound®, AI-empowered 3D ultrasound imaging diagnosis. The Series A financing will also contribute to the establishment of its global headquarter in Mainland China. The negotiations with interested cities are underway to finalize the details.
Aitrasound® Medical Group officially launched its new group brand Aitrasound®
Based on the globally pioneering technology of 3D ultrasound spinal imaging assessment, Scolioscan® is a sub-brand of Aitrasound®, which integrates scoliosis assessment equipment, spinal image analysis software and data management cloud platform to provide a comprehensive solution for the screening, diagnosis and treatment of scoliosis. From mass screening to non-surgical intervention, it achieves quantitative assessment with zero radiation and high accuracy, making screening, diagnosis and treatment, safer and more accurate, image-guided and standardized for specialists.
Scolioscan®, the world’s first and only 3D ultrasonic scoliosis assessment system
According to statistics published by Chinese Preventive Medicine Association in 2022, the incidence of adolescent idiopathic scoliosis (AIS) has reached 3% to 5%. The majority of patients appear normal and therefore are easily ignored for the disease during the best timing of treatment, i.e. the early stage. Timely diagnosis and frequent follow-up using Scolioscan can maximize therapeutic outcomes for non-surgical treatments. Screening programs in different cities in China have proven that the Scolioscan® can significantly improves the economic efficiency and feasibility of school screening, by providing accurate confirmation of screening results on site after initial check using various available approaches based on body surface information.
Scolioscan®, the world’s first and only 3D ultrasonic scoliosis assessment system
According to statistics published by Chinese Preventive Medicine Association in 2022, the incidence of adolescent idiopathic scoliosis (AIS) has reached 3% to 5%. The majority of patients appear normal and therefore are easily ignored for the disease during the best timing of treatment, i.e. the early stage. Timely diagnosis and frequent follow-up using Scolioscan can maximize therapeutic outcomes for non-surgical treatments. Screening programs in different cities in China have proven that the Scolioscan® can significantly improves the economic efficiency and feasibility of school screening, by providing accurate confirmation of screening results on site after initial check using various available approaches based on body surface information.
Prototype of the whole-body musculoskeletal 3D ultrasound assessment system displayed at the 89th China International Medical Equipment Fair (CMEF) in Shanghai
What Innovative imaging can provide is always beyond our imagination. Ultrasound is a high-frequency sound wave that can penetrate through body soft tissues, generate echoes from tissues and organs, and form images for doctors to diagnose various diseases and facilitate their treatments. Aitrasound® Medical Group originated from the innovative technology of 3D ultrasound imaging developed by the Department of Biomedical Engineering in The Hong Kong Polytechnic University. By incorporating artificial intelligence algorithms into ultrasound imaging technology, it breaks traditional limitations of ultrasound and achieves revolutionary 3D ultrasound skeletal imaging. In addition to spinal diseases, conditions affecting the muscles, ligaments, bones, and joints of the entire body can also be accurately assessed through 3D imaging. This innovative technology makes diagnosis and treatment more accurate, convenient and effective, thus opening a “Green” channel for healthcare. The new generation of musculoskeletal ultrasound products uses AI-empowered imaging algorithms to facilitate non-invasive, painless, and radiation-free 3D imaging of the pelvis, limbs, shoulders, elbows, and knees. Combined with professionally designed scientific exercise programs, it helps patients with personalized rehabilitation training under the guidance of a digital therapy app. In this way, they can achieve better results of posture correction, chronic disease intervention, and chronic pain intervention. The 3D ultrasound imaging products can be integrated with rehabilitation therapy and surgical assistance products, together with force sensing technology, rehabilitation robots, fracture alignment surgeries, spinal surgeries, and anesthesia injection. It makes real-time dynamic imaging more accessible so that doctors can provide more personalized, radiation-free and precise rehabilitation as well as minimally invasive surgical procedures.
Innovation is the cornerstone of Aitrasound® Medical Group. Based on more than twenty years of technological research and clinical validation in musculoskeletal ultrasound imaging, the company has been continuously achieving breakthroughs and expanding boundaries in the area of 3D imaging. The new brand image of Aitrasound® carries a long-term vision to use AI-empowered ultrasound imaging to help people in need. Aitrasound® Medical Group will forge ahead on a broader track, exploring medical technology solutions for better health and better life.
Ms. Mingzhu Han, CEO of the company said, “The launch of the new group brand Aitrasound® marks our upgrade from an innovative medical equipment and technology company to an integrated innovative medical technology service platform for chronic disease screening and treatment. After incorporating sports therapy as well as traditional Chinese and Western medicine approaches, we will provide precise rehabilitation and minimally invasive surgical solutions based on AI medical imaging technology for medical institutions, schools, and families. Through programs such as 3D ultrasound medical assessment, AI digital rehabilitation, and 3D minimally invasive surgical guidance, we empower medical institutions to jointly build distinctive outpatient treatment systems. Next, we will also establish an Internet hospital to make assessments and rehabilitation not limited to specific hospital settings, increase patient participation, and integrate treatment into daily life. In terms of global expansion, we will obtain US FDA Class II medical device certification in the third quarter of 2024 and officially enter the US market.”
Mr. Chibo Tang, Managing Partner of Gobi Partners, said, “We invest in Greater Bay Area companies with world-class technologies, and help to facilitate their global expansion. Aitrasound Medical Group from Hong Kong combines AI, hard tech, and healthcare expertise. They have been to leverage decades of R&D in academia to create cutting edge products that solve real world problems in society.”
About Aitrasound® Medical Group
- Its flagship product Scolioscan®is the world’s first and only ultrasonic scoliosis assessment system, filling the global technological gap in spine imaging, i.e. between radioactive X-ray imaging and inaccurate body surface contour measurement. It owns over 30 patent families with a total of more than 100 patents. Scolioscan® has been installed for clinical applications in hospitals and clinics in Europe, Australia, Mainland China, and Hong Kong, totally over 20 countries and regions. It has obtained Class II medical device certifications, including the EU CE, Australia ARTG, China NMPA, Thailand FDA and Malaysia MDA.
- The team has been collaborating with internationally renowned hospitals and universities on various clinical research and has published over 30 research papers in top international journals in fields such as orthopedics and kinesiology, ultrasound, biomedical engineering, artificial intelligence, and pattern recognition to demonstrate the accuracy and reliability of the technology as well as various clinical applications.
- The units installed with Scolioscan® include orthopedics, rehabilitation, and physical examination departments of hospitals, massage therapy department of traditional Chinese medicine hospitals , children health departments of maternity and child healthcare hospitals, work injury rehabilitation hospitals, sports rehabilitation hospitals, private orthopedic rehabilitation clinics, and traditional Chinese medicine clinics.
- Since establishment, Aitrasound®team has won numerous international and domestic innovation and entrepreneurship awards: In 2023, it is the only gold winner from Hong Kong at the Guangdong-Hong Kong-Macao Greater Bay Area High-value Patent Portfolio Competition 2023, which was organized by Guangdong intellectual Property Administration, The People’s Government of Guangzhou Municipality, Hong Kong Intellectual Property Department and Macao Economic and Technological Development Bureau. In 2022, it was the only winner in the life and health category of the inaugurating BOCHK Science and Technology Innovation Prize, which was established by the Hong Kong Alliance of Technology and Innovation (HKATI) and sponsored by the Bank of China (Hong Kong) Limited.
About Gobi Partners GBA (Gobi GBA)
Gobi Partners GBA (Gobi GBA) was established in 2016 as a part of the leading Pan-Asian venture capital platform Gobi Partners. Gobi GBA is the general partner of the Alibaba Hong Kong Entrepreneurs Fund, L.P.（AEF）as well as the AEF Greater Bay Area Fund LPF, and has formed strategic partnerships with other renowned financial institutions such as HSBC and Hang Seng Bank.
As of 2023, Gobi GBA has invested in over 80 startups across the Greater Bay Area and has fostered the growth of 8 unicorns including Airwallex, Amber, Animoca Brands, GoGoX, Prenetics, and more.