Cambridge MedTech Qureight has raised £15m ($20m) in a Series B funding round led by Molten Ventures.
Founded in 2020, Qureight is an end-to-end imaging company that provides enterprise-grade imaging and precision endpoints for clinical trials, with a focus on lung and heart disease.
Its roots date back to a conversation the founders had at Cambridge’s oldest licensed pub, the historic Pickerel Inn.
Existing investors Hargreave Hale AIM VCT, XTX Ventures, Guinness Ventures, Meltwind and Ascension also participated in the round.
The new capital will support the expansion of the company’s 3D deep-learning imaging portfolio, alongside commercial expansion to meet demand across key new therapeutic markets for lung and heart diseases.
Dr Muhunthan Thillai, co-founder and CEO, said: “Many of Cambridge’s great ideas were born in its pubs.
“Our story began at the Pickerel Inn, dating back to 1608 when James I was on the throne.
“We had one simple question: What if every medical image could help unlock the next generation of medicines?
“Today, I’m incredibly proud to share that we have closed a $20m Series B, led by Molten Ventures.
Qureight has raised $20m (£15m)
“The round was significantly oversubscribed – a tremendous vote of confidence in our team, our technology and our ambition for what Qureight can become.
“This investment will establish a new AI imaging lab, accelerate development of our 3D chest foundation model, and help biopharma develop better medicines, faster.”
Thillai, who is also a consultant physician at Papworth Hospital NHS Foundation Trust, said: “We are excited to bring on Molten Ventures to lead this new financing round and for Dr Inga Deakin to join our board of directors.
“I also welcome Anna Salim of Hargreave Hale to the board, and thank all of our existing investors who participated in this round.
“Their 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, a partner at Molten Ventures, said: “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.”