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Australian Financial Review 25 May 2021

AI-powered imaging software has raised $15 million from institutional investors

John Barrington AM and John Konstantopoulos

A Perth-based medical technology company that tackles the world’s biggest killer, heart disease, with artificial intelligence-powered imaging software has raised $15 million from institutional investors.

Artrya, launched in May 2019 by former management consultant John Barrington and former IBM global industry leader John Konstantopoulos, says its software is a more accurate and less invasive way to detect signs of heart disease than other methods. It has raised the capital to support its commercialisation of the technology.

The $15 million has come from investors,including Alex Waislitz’s Thorney, Watermark Funds Management, Washington H. Soul Pattinson, Regal Funds Management and SG Hiscock.

Artrya’s technology, called Salix, analyses cardiac CT scans in minutes and produces a 3D image and report that provides a more accurate detection of coronary artery disease, including the presence of vulnerable plaque, which is challenging to identify with existing technology.

It can also show the movement of blood through the heart, called a fractional flow reserve. However, it still needs to receive approval from the Therapeutic Goods Administration for this function. Traditionally fractional flow reserve is measured via coronary angiogram – a minimally invasive procedure in which contrast dye and x-ray imaging is used to detect blockages in the arteries.