PRESS RELEASE – 2nd August 2010
A new software company founded by astronomy experts will embark on an ambitious program of business development at home and in the USA after securing a six-figure investment sum.
Blackford Analysis opens for business today as Scotland’s newest University spin-out company after attracting development cash from a range of investors.
Born out of research at the University of Edinburgh, the patented software was originally developed to determine the age of stars in the Universe. However the technology can be applied to many sectors where processing large amounts of data is routine, including seismic interpretation for oil and gas surveying, and fast image analysis for defence. Blackford’s initial focus has been in medical imaging, where its technology can improve the diagnosis process for MRI and CT scans by automatically preparing images for radiologists.
Dr Ben Panter, CEO of Blackford Analysis, commented;
“The potential to save radiologist time is exciting. Even small amounts of radiologist time are valuable, and if widely implemented the savings from our technology could amount to millions per year. We already have concrete interest in further development from several significant industry players.”
“And there is similar potential in many other fields where large datasets require fast analysis. Blackford Analysis has evolved the medical software from an innovation that was very valuable for astronomy, but now we are able to develop its commercial potential in other fields where large datasets require fast analysis.”
“It’s been an exciting journey to get to this stage but we’re very pleased to secure this cash which will allow us to really start penetrating medical imaging and other markets. It is a great achievement to be raising money in this climate but I think the product shows real value in shortening the process time and also improving image and information quality.”
“We have attracted the interest of American angel investors and together with some other private cash and the Scottish Enterprise Seed Fund, we are now on our feet.”
In addition to securing Scottish Enterprise Seed Fund investment, the company has had a range of support from Scottish Enterprise. Prior to the spin-out company forming, the research idea was assisted through Scottish Enterprise’s Proof of Concept Programme, helping to turn the initial research idea into a commercial reality. More recently, Scottish Enterprise’s High Growth Startup Unit has provided intensive business development support, accelerating and attracting investment and funding in the form of a SMART award. The original research was sponsored by STFC, the Science and Technology Facilities Council, who also provided further funds through a Follow On Fund award.
The company has also appointed Conrad Chin, formerly Product Director of successful medical imaging start-up Voxar, as its chairman, MacRoberts LLP as its legal advisers and Johnston Carmichael as its business advisers.
Dr Panter continued;
“We’ve been working with a team of people and finding the right business advisers was very important to us so we went to pitch and Johnston Carmichael won the work hands down.”
Shaun Millican, partner at the Johnston Carmichael Edinburgh office commented;
“Helping start up technology businesses get on their feet is a real pleasure, particularly in the current business environment. Blackford Analysis has to be credited for their hard work and tenacity to develop something of real commercial value for a large and lucrative market.”
Blackford Analysis uses the MOPED algorithm, originally invented by Professor Alan Heavens of the School of Physics and Astronomy at the University of Edinburgh. Heavens and Panter’s work created a thousand-times increase in speed for the processing of galaxy spectra, and was used to determine the star formation history of the Universe.
The researchers could see that the capabilities of the algorithm were not limited to astronomy, and set about looking for other areas where the technology could bring significant advantages. Through speaking with medical professionals, the researchers saw the opportunity to develop the technology to provide quick and reliable images.
The new technology lines up images immediately, reducing the processing time and shaving minutes off the traditional processes.
Dr Panter explains;
“As datasets become larger, the cost of the hardware resources required to tackle them rocket and the case for MOPED is even more compelling. The powerful algorithm vastly reduces that hardware cost, and the patented technology means that no other company in the world can do what Blackford Analysis can, solving emerging issues in an elegant and resourceful manner.”
A working demo of the product will be shown to potential customers at the Radiological Society of North America (RSNA) conference in November this year. RSNA is the biggest medical imaging event in the world, with over 60,000 delegates.
Blackford Analysis employs 3 permanent members of staff and 4 Directors and is based at offices at The Royal Observatory on Blackford Hill.
