UK healthtech company Lucida Medical, which uses AI to help clinicians diagnose prostate cancer from MRI scans faster and more accurately, has secured £8.7 million in a funding round led by IW Capital, with participation from existing investors XTX Ventures and Macmillan Cancer Support.
- Launched in 2019 by Anthony and Evis Sala, Lucida Medical develops artificial intelligence software to support the detection, diagnosis, and management of cancer. Its flagship product, Pi, Prostate Intelligence, is a CE-marked medical device that analyses prostate MRI scans to identify suspicious lesions and generate risk scores, assisting radiologists in detecting clinically significant prostate cancer.
- The system has been trained and validated on thousands of patient scans and integrates into clinical workflows to provide rapid analysis of MRI images. In real-world NHS studies, Pi demonstrated sensitivity and specificity comparable to expert radiologists, allowing for faster prioritization of high-risk cases, reducing unnecessary biopsies, and supporting more efficient patient pathways.
- The technology is deployed across multiple NHS hospitals in the UK and is approved for use in the EU, with ongoing plans to expand to additional cancer types and to seek US FDA approval.
Details of the deal
- The fresh funding will enable Lucida Medical to accelerate its growth and expand the reach of its AI diagnostic platform. The capital will support the development of AI tools for additional cancer types beyond prostate cancer and help the company pursue US FDA approval, positioning it to bring faster, more accurate cancer diagnoses to more patients and healthcare systems.
“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," explains David Fisher, Senior Investment Director at IW Capital.
