Optellum, an Oxford-based MedTech company that provides a breakthrough AI platform to diagnose and treat early-stage lung cancer, raised $14 million in Series A funding.
Mercia led this investment round with Intuitive Ventures and Black Opal Ventures (New York, NY, USA). St John's College in Oxford, IQ Capital, and the family office of Sir Martin & Lady Audrey Wood also participated in this round.
The investment will enable Optellum to scale its base, operations, and commercial launches in the UK and USA; accelerate research and development, and expand its platform into personalized therapy decisions by integrating imaging data with molecular data, robotics, and liquid biopsies.
Jason Pesterfield, CEO at Optellum, said: "With this strong support and commitment of highly specialized investors, we are positioned to accelerate commercial deployment in both the UK and the United States to expand our installed base. 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."
In the UK, Optellum's solution is being used to predict at-risk lung nodules in a multi-center study with NHS Trusts as part of a major investment in AI for healthcare.
Company: Optellum Ltd
Round: Series A
Funding Month: September 2022
Lead Investors: Mercia
Additional Investors: Intuitive Ventures, Black Opal Ventures, St John's College in Oxford, IQ Capital, and the family office of Sir Martin & Lady Audrey Wood
Company Website: https://optellum.com/
Software Category: AI-based Lung Cancer Decision Support Software
About the company: Optellum is a commercial-stage lung health company providing artificial intelligence decision-support software that assists physicians in early diagnosis and optimal treatment for their patients. The company was founded so that every lung disease patient is diagnosed and treated at the earliest possible stage when the probability of better health outcomes is highest. In 2021, the Oxford-based MedTech company achieved FDA 510(k) clearance for the application of AI decision-support software in lung cancer diagnosis. Optellum also has strategic partnerships in the USA with GE Healthcare and the Lung Cancer Initiative at Johnson & Johnson, while the Virtual Nodule Clinic has been implemented in leading healthcare systems across the USA. Optellum has headquarters at the Oxford Centre for Innovation in Oxford, United Kingdom, and a U.S office at the Texas Medical Center in Houston, Texas. F