Lucida Medical secures seed funding led by XTX Ventures and Prostate Cancer Research to develop cancer screening software.
The seed round was led by XTX Ventures and Prostate Cancer Research to support regulatory approvals and clinical studies.
Lucida Medical develops software that uses artificial intelligence to help radiologists detect cancer more accurately from magnetic resonance imaging scans. The company focuses initially on prostate cancer, aiming to improve early diagnosis and reduce unnecessary biopsies.
Cambridge start-up Lucida Medical has secured seed funding from investors led by XTX Ventures and Prostate Cancer Research. The capital will support the company as it expands its team, pursues regulatory approvals for its artificial intelligence technology, and completes a large clinical study.
The company develops software that uses machine learning and image processing to analyse MRI scans, helping clinicians to detect prostate cancer earlier and more reliably. By automating labour-intensive tasks such as marking lesions, the technology seeks to reduce the number of missed cancers and spare patients from unnecessary biopsies.
From the founder
"We are tremendously excited about the potential of this system to enhance our ability to detect cancer accurately and early. We are now looking forward to working with hospitals and radiology and urology partners to prove the technology and bring it into clinical use. Covid-19 has created a serious backlog in cancer screening and Lucida Medical is well placed to help us clear this and improve the care that we offer further over the coming years."
Evis Sala
Chief Medical Officer at Lucida Medical
Investor perspective
"We are delighted to lead the investment round for Lucida Medical, which is targeting to save lives from cancer with their best-in-class, non-invasive machine vision technology. We are excited to have so many clinical experts involved in supporting the company, from Prof Evis Sala as the Co-Founder to over 15 leading radiologists and urologists, and Prostate Cancer Research."
Ekaterina Holt
Head of XTX Ventures, XTX Ventures
Use of funds
- 01Grow the team
- 02Continue product development
- 03Fund research and development
Investors
Categories
About the company
Lucida Medical
Lucida Medical develops artificial intelligence software to assist radiologists in cancer screening.