A Cambridge-based startup using AI to support the cancer diagnostic process has raised £8.7m in a funding round that included Macmillan Cancer Support.
Lucida Medical has developed an AI-powered diagnostic service that supports the efforts of clinicians to diagnose prostate cancer from MRI scans.
Already being used within the NHS, Lucida’s diagnostic service has been said by the company to help the country’s health service meet the rising demand for radiology.
“Cancer imaging volumes are rising rapidly but reporting capacity is not keeping pace. Our goal is to give clinicians faster, more confident decisions while reducing unnecessary interventions for patients,” said Dr Antony Rix, co-founder and chief executive of Lucida Medical.
“With our deep focus on prostate cancer and strong clinical validation across NHS pathways, we’re showing how AI can deliver earlier and more accurate diagnoses. In the NHS, few Trusts can confirm or rule out cancer within 28 days, and some patients can wait two months or longer.
“Lucida Medical is ideally placed to reduce this burden, and this funding will allow us to do that faster.”
Included in the funding round is Macmillan Cancer Support, one of the largest charities supporting cancer patients in the world.
“When it comes to prostate cancer, far too many men are still being diagnosed far too late,” said Anthony Cunliffe, lead medical advisor at Macmillan Cancer Support.
“We need to see better symptoms awareness so men seek help earlier and, if we can combine that with speedier diagnosis, we could help revolutionise care for the tens of thousands of men diagnosed with prostate cancer each year in the UK.
“Lucida Medical’s AI diagnosis platform has the potential to make a very real and immediate improvement for people living with cancer and that is why we are so very pleased to be supporting them.”
IW Capital led the funding round and additional participation came from XTX Ventures.
“Lucida Medical is addressing a critical bottleneck in modern healthcare,” said David Fisher, senior investment director at IW Capital.
“As populations age and incidence rates of cancer rise, the ability to diagnose cancer earlier and more efficiently is essential and forms part of a major Government plan.
“The company combines deep clinical expertise, strong NHS validation and a scalable technology platform, and we are pleased to support its next phase of growth.”
