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- May 04, 2020
Novosound seek to appoint a new Non-Executive Chair to guide the organisation through this exciting next phase of growth and opportunity. The role will guide the business and strike a balance between driving the strategy, growth and commercialisation of the IP and products being developed as well as influencing beyond the Board room to provide the Executive the guidance as well as the support to succeed in accelerating its growth.
Given the global nature of Novosound’s client base, and focus on US Growth, this successful Chair can be based either in the UK or United States.
The successful candidate will have had a successful Executive Career or Non-Executive track-record within one of Novosound’s key markets: Oil, Gas & Energy; NDT; Aerospace; Engineering Products and Services; Medical. Whilst all of these markets are important, the current preference and focus is on Oil, Gas & Energy and related Engineering Services.
The candidate will have a reputation for probity and integrity and familiarity with the strategic leadership of a dynamic and changing scale-up as well as knowledge and experience of working with large blue-chip organisations.
Novosound is an IP rich company that designs, manufactures, and sells ultrasound sensors. It was established in 2018 by Dave Hughes, CTO, and Richard Cooper, CEO, as a spin-out from the University of the West of Scotland, where Hughes invented its core IP during his time as a Research Fellow. Cooper brings industry expertise as a successful technology entrepreneur.
Ultrasound sensors produce sound waves with frequencies above the audible range of humans which transmit through an object to measure or image internal features. Commonly known for its use in maternity wards and other hospital departments, ultrasound imaging is also extensively applied in industrial settings as a safe Non-Destructive Testing (“NDT”) technique for revealing below-surface deformities, cracks or corrosion.
Utilising the latest thin film deposition techniques, Novosound’s patented innovation represents a turning point for ultrasound sensor technology. Operating in a high growth market valued at £35 billion, the Company has developed a unique thin film core material which eliminates limitations associated with existing ultrasound sensor solutions.
The new sensor technology has enabled the company to produce higher resolution imaging, ‘fit and forget’ sensors that can operate continuously at high temperatures, and the world’s first truly flexible ultrasound sensor. Whilst the technology will allow the Company to develop products for the healthcare and wearables markets in future, at present, applications of the technology centre around the NDT market. Novosound’s flexible sensors can significantly improve the inspection of curved surfaces in aerospace, automotive and industrial applications. Its ‘fit and forget’ sensors, with the ability to withstand high temperatures and be permanently installed, enable completely new applications such as the real-time monitoring of high value oil and gas assets, to predict necessary maintenance and greatly reduce downtime.
Funding to date
In 2018, the business concluded a successful £1.5M investment seed round mainly through Par Equity, Kelvin Capital and Scottish Investment Bank. The University of the West of Scotland has provided financial support post-spinout. Following this, in 2019 the Foresight Williams Technology EIS Fund led a £3.3 million round.
Specifically, the Foresight Williams Technology EIS Fund led the round, investing £1.5 million alongside £500,000 from the Foresight Scottish Growth Fund, financed by the Scottish Growth Scheme through a combination of Scottish Government funds and the European Regional Development Fund (ERDF), and £1.3 million from existing shareholders including Par Equity, Kelvin Capital, Gabriel Investments, the University of the West of Scotland, and the Scottish Investment Bank, the investment arm of Scottish Enterprise.
The investment will allow the Company to match fund a £1.0 million R&D grant for product development from Scottish Enterprise and pursue its ambitious expansion plans into global markets and new industries. The Company will draw on Foresight’s track record of supporting the growth of early stage, innovative technology companies, and Williams’ extensive expertise in ultrasound NDT techniques currently applied by its F1 team.
More information and how to apply
For further information, the company information pack, or a confidential conversation please contact Michael Dickson at firstname.lastname@example.org
Alternatively, you can contact us by phone on 0131 539 7087.
- UK / USA