3D printed models are now being used more and more by surgeons globally to prepare for operations. Belfast-based axial3D is a medical 3D printing company specializing in the production of patient-specific medical models generated from patient CT, MRI, and PET data to enhance the efficiency of surgical intervention.
Founded in 2014, the startup has now raised a round of €2.7 million led by London-based Imprimatur Capital Fund Management, along with participation from angel investors and existing investors Techstart Ventures, Clarendon Fund Managers, and Innovation Ulster Ltd.
The company is developing an automated 3D printing solution for the healthcare sector to dramatically advance the standards and efficiency of surgery worldwide.
The global 3D printing medical devices market is projected to see a compounding annual growth rate of 23%, largely due to the increasing adoption of 3D printing technology within the medical sector.
Axial3D has a range of solutions for healthcare institutions at every stage of their 3D printing journey, from those needing a one-off custom print, to those with an existing 3D print lab hoping to increase compliance and productivity while reducing operating costs.
The startup will use the funding to expand its team in Belfast and support its recent expansion into the US market, where it plans to open an office. It will also focus on expanding its machine learning team, which builds ground-breaking automated algorithms that make access to medical 3D printing easier than ever for hospitals.
“The closure of this investment round marks an important milestone for our company,” said Daniel Crawford, CEO at axial3D. “It will accelerate our growth within our expanding markets and enable us to bring our 3D printing solution to more healthcare organizations, helping them to drive down costs, improve compliance and ultimately, enhance patient care.”
“Continuous innovation is crucial to bring the best solutions to market and keep up with customer demand,” he added. “Following our recent collaborations with Tallahassee Memorial Healthcare and University Hospital Basel, we will focus further on the North American and European markets. This includes opening an office in the USA, and recruiting more talent into our team, particularly to grow our machine learning capability. This will enable us to continue to innovate and find new ways to bring 3D printing on-demand to the entire healthcare sector.”
Dr. Christopher Rumana, Neurosurgeon & Charmain of the Board at Tallahassee Memorial Healthcare (TMH), has been a user of axial3D’s medical 3D printing service since 2018 and is part of the cohort now investing in the company.
“Axial3D has built a scalable, accessible platform for clinicians to access 3D printing without the capital expenditure or manpower traditionally required,” said Dr. Rumana. “Having been in the medical field for over two decades, I have seen how technology improves patient care. With TMH being a user of axial3D’s service, our own patients have been positively impacted by the use of 3D printing. I want to see this service adopted in more healthcare institutions across the USA so that everyone who needs it can benefit from the technology.”