30 March 2026

Lucida Medical secures £8.7m led by IW Capital to scale cancer detection software

The funding round included participation from XTX Ventures and Macmillan Cancer Support to accelerate deployment and expand diagnostics.

£8.7M

Lucida Medical is a healthtech company that develops artificial intelligence software to help clinicians detect prostate cancer and other conditions from MRI scans.

Lucida Medical has secured £8.7m in a funding round led by IW Capital, with participation from existing backers XTX Ventures and Macmillan Cancer Support. The company applies artificial intelligence to MRI scans to assist clinicians with faster and more consistent prostate cancer diagnoses. The fresh capital will be directed towards accelerating deployment, pursuing US Food and Drug Administration approval, and expanding the diagnostic platform to cover additional cancer types beyond prostate.

The investment arrives as the health service faces mounting pressure from rising cancer rates and a significant shortfall in clinical radiologists. Lucida Medical already has its technology deployed across 15 NHS trusts, helping to reduce reporting backlogs and waiting times for patients. Backers noted that the firm combines rigorous clinical validation with scalable software to address a critical bottleneck in modern oncology pathways.

From the founder

"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. 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."

Antony Rix

Co-founder and CEO at Lucida Medical

Investor perspective

"Lucida Medical is addressing a critical bottleneck in modern healthcare. 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."

David Fisher

Senior Investment Director, IW Capital