Optellum raises $14m in a Series A round led by Mercia to expand its artificial intelligence lung cancer platform.
The Oxford medical technology company secured backing from investors including Mercia and IQ Capital to scale its diagnostic software.
An Oxford-based medical technology company providing an artificial intelligence platform for the early diagnosis and management of lung cancer.
Optellum, a medical technology company based in Oxford, has raised $14m in a Series A funding round led by Mercia. Additional participants in the financing include Intuitive Ventures, Black Opal Ventures, St John's College in the University of Oxford, IQ Capital, and the family office of Sir Martin and Lady Audrey Wood.
The company has developed an artificial intelligence platform designed to assist clinicians in identifying and tracking lung nodules, aiming to improve early-stage cancer detection rates. Ahead of the financing, the software secured regulatory clearances including CE marking in the European Union, UKCA marking in the United Kingdom, and FDA clearance in the United States.
The fresh capital will be directed towards expanding patient access, scaling commercial operations in the UK and US, and advancing research and development initiatives with institutional partners.
From the founder
"Following years of research and clinical trials that have shown the impact of our software on the diagnosis of at-risk lung nodules, we’re focused on expanding patient access to this crucial technology and identifying deadly lung cancer faster in more at-risk people. The funding will also boost our research and development with world-leading institutions and partners to progress further innovation."
Jason Pesterfield
CEO at Optellum
Investor perspective
"Optellum is the latest in a series of companies to channel research from the UK’s world-leading universities into commercially viable products which can make a difference to the provision of medical care. Having observed Optellum achieve great milestones over the years – we are now excited to become part of their success and apply our experience with scaling up the software and deep tech companies to help accelerate Optellum’s impact on patient lives worldwide."
Stephen Johnson
Investment Director, Mercia
Use of funds
- 01Fund research and development
- 02Scale operations
Investors
Stephen Johnson
Mercia
Intuitive Ventures
Black Opal Ventures
St John’s College in the University of Oxford
IQ Capital
Sir Martin and Lady Audrey Wood family office