Rabat – Moroccan Capital Venture fund UM6P Ventures announced on Wednesday injecting funds into DeepEcho, a London-based, health tech startup.
In addition to providing funds for DeepEcho, UM6P Ventures will offer the startup access to research facilities and infrastructure, according to a press release.
DeepEcho’s signature product is an AI-powered Machine Learning (ML) algorithm that compiles analysis of ultrasound images of fetuses and diagnoses fetal development issues including premature births and low-weight births.
With the new round of funding, DeepEcho aims to strengthen its core team and accelerate product development.
The startup says its long-term goal is to scale up ML technology to include more features and expand the technology to other organs.
Coupled with its goal to work on its product offering, DeepEcho also aims to penetrate the US and other global markets, explained the press release.
The startup plans to showcase its solution through telemedicine platforms, cloud-based AI app stores, and portable ultrasound machines manufacturers
The basic premise of the technology is to reduce infant and maternal mortality due to mistakes in ultrasound diagnosis, indicated the press release, adding that DeepEcho hopes to use ML to democratize access to fetal ultrasound.
In addition, Deepecho intends to penetrate US and global markets by showcasing its solution to telemedicine platforms, cloud-based AI app stores, and portable ultrasound machine manufacturers.
Read also: Morocco’s UM6P Ventures, PnP to Launch Joint Acceleration Platforms
DeepEcho’s mission to reduce child and maternal mortality are in line with the United Nations Millennium Development Goals (MDGs).
The technology’s basic premise is to offset the shortage in medical staff trained to conduct ultrasound images, an issue that is rampant even in developed countries.
While Fetal ultrasound can reduce child and maternal mortality by up to 20%, the lack of trained professionals capable of performing the scan, especially in the global south, makes child mortality a critical health concern.
Speaking on the backdrop of announcing the investment, Yasser Biaz, UM6P Ventures CEO said: “Access to early health diagnosis is paramount for society and humanity. However, quality and reach of the health supply chains are often constrained by infrastructure, supplies, and expertise.”
He added, “The DeepEcho solution aims at improving the accuracy of results and democratizing access to diagnosis. The founding team is solid in technology; and their entrepreneurial ability makes them stand out.”
For his part, Deepecho CEO Youssef Bouyakhf thanked UM6P Ventures for playing “an instrumental role in making this first strategic investment in Deepecho.”
He said of the Moroccan venture capital, “They have also been able to understand the Deeptech behind our solution and leverage the thriving ecosystem of UM6P to help us improve the pace of our product development process.”
Accelerating scientific innovation in Africa
UM6P Ventures is a deep tech-focused capital venture fund that offers startups seed funds and helps them accelerate their business growth rate.
Backed by the OCP Group, the fund aims to accelerate scientific innovation in Morocco and Africa.
The venture capital offers startup infrastructure, mentoring, and technical assistance in collaboration with Mohammed VI Polytechnic University (UM6P).
Through intensive training, UM6P Ventures essentially assists startups to move from the incubation phase to becoming investable businesses capable of attracting international investors and growing in the global market.
Its portfolio includes startups from AgroBioSciences, Health Tech, Energy, Artificial Intelligence (AI), and Industry 4.0
“In partnership with a large network of programs including incubators and accelerators and investors such as business angels and venture capital, UM6P Ventures provides an unmatched ability to fund, build and accelerate startups,” noted the press statement.
