Edinburgh-based artificial intelligence company Blackford Analysis has been acquired by German life science firm Bayer for an unspecified sum.
Founded in 2010, Blackford Analysis provides tools for those working in healthcare to use medical imaging AI applications.
The University of Edinburgh spinout delivers innovative solutions that help healthcare professionals add clinical value, drive efficiencies and improve patient outcomes.
Blackford founder and CEO, Ben Panter, said: “Bayer’s offer allows us freedom to continue to deliver our mission to improve the lives of patients and populations by unlocking the adoption and benefits of medical imaging AI as an independent, arms-length company along with all the strength and support of an experienced life science partner.
“I’m extremely proud of everything our team has achieved and look forward to continuing to expand our partnerships across the industry.
“Blackford exists to improve the lives of patients and populations by unlocking the adoption and benefits of medical imaging AI and we explored a number of funding options to expand the company to deliver this mission.”
Following the acquisition, Blackford will continue to operate independently based on Bayer’s well-established ‘arm’s length’ operating model.
The deals follows a collaboration between both companies that laid the foundation for Bayer’s recently launched Calantic medical imaging AI platform.The overall global medical imaging AI sector is expected to continue growing dynamically, reaching £1.1bn ($1.36bn) by 2026.
Innovation powered by AI is needed more than ever to help combat the increased demand for medical imaging to detect diseases and to guide optimised patient treatment pathways.
Blackford has over 750 clinical deployments of its platform in radiology and ophthalmology.