The imaging specialist Qureight has announced it has raised $20m in a Series B financing, led by Molten Ventures and including existing investors Hargreave Hale AIM VCT, XTX Ventures, Guinness Ventures, Meltwind and Ascension.
The firm said the new capital will support expansion of its 3D deep learning imaging portfolio, alongside commercial expansion to address demand across key new therapeutic markets for lung and heart diseases.
AI lab targets new disease areas
Qureight is building an AI imaging laboratory to house its 3D chest imaging Foundation Model, which significantly reduces both the data requirement and the time needed to develop new disease models.
The brand said in its statement that this would enable it to bring new products to market in new disease areas where there is high demand for advanced imaging analytics to improve clinical trial design, such as asthma, pulmonary hypertension, bronchiectasis and drug-induced lung toxicity.
These new disease models, Qureight says, will complement its existing models in lung fibrosis, which it hopes will expand the market reach of the company.
It added that the funding would also allow it to scale its commercial team and enable development of Qureight’s AI-powered quantitative imaging analytics platform to further improve the speed and design of clinical trials.
"The global lung and heart clinical trials market is expected to grow to $27.5bn by 2030, with a CAGR of 6.9% during the next six years," said Dr Muhunthan Thillai, co-founder and CEO, Qureight.
"We are strategically positioning ourselves to address this market with our end-to-end, integrated imaging platform for clinical trials."
"[The investor's] ongoing support reflects the confidence in both our enterprise-grade imaging platform and our world-class team to address a critical demand to accelerate clinical trials."
Expanding our 3D imaging deep learning models with our new AI laboratory will complement our existing dominance in lung fibrosis, allow us to enter new markets, and solidify our leadership position in the lung and heart imaging CRO market.
Dr Inga Deakin, Partner, Molten Ventures, added: “Qureight demonstrates how AI, powered by real-world data, can accelerate discovery and transform clinical research."
The team’s rapid deployment of solutions in areas of unmet need underscores their unique capability to drive the next generation of medical innovation.
"We look forward to working with Muhunthan and the team as they deliver on this vision.”
