AIM listed medical products company MedaPhor has raised £5.08m through a placing of £5m and an open offer of almost £79,000, according to Insider Media.

The net proceeds of the transaction will be used to develop AI-based products ScanNav AutoCapture and ScanNav AnatomyGuide, to submit these products for regulatory approval, and for general working capital purposes.

Medaphor, which is headquartered in Cardiff, is also planning to rebrand as Intelligent Ultrasound Group, reflecting its move into AI.

Insider Media previously reported that Stuart Gall, chief executive at MedaPhor, said “This is an important fundraise for the group that will enable us to continue the development of our range of AI based ultrasound software tools in this new and exciting market. 2019 will be an important year as we look to secure an OEM (original equipment manufacturer) agreement for ScanNav AutoCapture in the global obstetrics market and submit ScanNav AnatomyGuide for regulatory approval. We would like to thank our shareholders for their continued support and look forward to a successful year under our new Intelligent Ultrasound name.”