Oxford, 8 April 2019 – Mirada Medical, a world-leading medical imaging software company, has announced a new £6 million investment led by private equity healthcare specialists, Apposite Capital. The investment will support Mirada’s development of artificial intelligence (AI) based software for increasing the speed and accuracy of cancer treatment planning applications, while delivering a more personalised level of care to patients. Apposite has invested alongside Mirada’s founding investor, AlbionVC, and other private investors.
Mirada’s state of the art software algorithms and imaging applications help clinicians to simplify technically complex image processing tasks, thus helping them use medical images more effectively and improve cancer care.
Hugh Bettesworth, Mirada’s CEO, explains: “The use of AI in healthcare is growing quickly. We are excited to be able to accelerate our development of AI-based cancer treatment planning. Apposite’s focus on healthcare and their solid pedigree in the Radiation Therapy sector provides Mirada with invaluable resource over and above the significant financial investment they have made. Mirada’s products will make a transformative impact on the day-to-day provision of cancer care, through the deployment of advanced AI-powered technology.”
Through its global leadership in medical software technology and deep learning AI, Mirada recently scored an industry first by gaining FDA clearance for its Deep Learning Contouring treatment planning solution, DLCExpert™. The product automates time-consuming critical structure contouring tasks, which are an essential part of the treatment planning process.
The software has been clinically validated and is in daily clinical use at a number of leading hospitals and health centres, and is now being marketed throughout Europe and the USA. The investment by Apposite Capital will enable Mirada to accelerate product development milestones, and improve the market accessibility of its AI-based software applications, helping clinicians to improve healthcare outcomes for patients worldwide.
“Incidence of cancer is expected to increase globally by 62% by 2040. There were approximately 17 million new cancer patients worldwide in 2018 and we estimate half of them will receive radiation oncology as part of their treatment, thus potentially benefitting from this technology,” said Mark Gooding, CTO at Mirada Medical. “We believe that AI can be rapidly applied to every-day laborious healthcare tasks such as contouring, enabling clinical staff to spend more of their valuable time working directly with their patients to deliver optimal healthcare outcomes.”
Sam Gray, Partner, Apposite Capital said “Apposite are delighted to back the team at Mirada. Not only does Mirada have a long track record of success in medical imaging software with a global installed base of 2,000 hospitals and partnerships with the leading global medical equipment companies, but on the back of world-leading science and technology it continues to develop and commercialise its own cutting edge new products. The recently approved AI based auto-contouring product is a great example and fulfils a real clinical imperative as clinicians globally strive to deliver ever more precise radiotherapy.”
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Mirada Medical, RTx and Workflow Box are trademarks of Mirada Medical Ltd.
About Mirada Medical
Mirada Medical is a leading international brand in medical imaging. The company develops advanced technology applications that help healthcare professionals use medical images more effectively and efficiently to improve cancer care. Mirada’s products are used across diagnostic radiology, molecular imaging, radiation oncology, medical oncology, tumor board and elsewhere.
The company specialises in simplifying technically complex image processing tasks, allowing clinicians to more confidently diagnose disease, assess response to treatment, and plan radiation therapy or surgical intervention. Mirada’s advanced technology products are available throughout the world under its own brand, and on an OEM basis through a select number of the world’s leading healthcare companies.
About Apposite Capital
Apposite Capital is an independent investment firm focused exclusively on healthcare. It focuses on companies operating in healthcare services, social care services, medical products, pharmaceuticals and pharmaceutical services and digital health.
The firm operates at the small end of the private equity market, providing both capital and expertise to those businesses offering ‘disruptive’ models that aim to improve or reduce the cost of care provision and which have the potential to become market leaders.
Apposite has an in-depth sector knowledge covering key aspects of the healthcare industry internationally coupled with local insights, an exceptional network and an entrepreneurial mindset which it applies to drive the growth of its portfolio companies.
Apposite was established in 2006 and is headquartered in London, UK.
For more information, please contact:
Mirada Medical Ltd
Oxford Centre for Innovation
New Road, Oxford
OX1 1BY United Kingdom
Tel: +44(0)1865 261 410 [email protected]