Apposite invests in imaging software firm

Apposite Capital has invested £6m in medical imaging software specialist Mirada Medical to support the Oxford-based company’s development of artificial intelligence technology.

The healthcare focused private equity company has invested alongside Mirada’s founding investor, AlbionVC, and other private investors.

The new funds will be used to further develop Mirada’s AI based software for increasing the speed and accuracy of cancer treatment and the delivery of more personalised care.

CEO Hugh Bettesworth said: ‘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.’

Mirada recently gained FDA clearance for its Deep Learning Contouring treatment planning solution, DLCExpertTM, which is used at hospitals and clinics across the US and Europe.

Sam Gray, partner at Apposite Capital, who is also joining the board of Mirada, said: ‘Apposite is 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.’

This is Apposite’s third acquisition this year. In January, it announced a ‘substantial investment’ in clinically-led dental group Riverdale Healthcare. This was followed by the acquisition of Courtyard Care – a national provider of specialist residential care and supported living services for adults.