Oxford MedTech Perspectum has extended its Series C round to more than £45 million.
In January the disease diagnosis company revealed a £30m raise as it scales across the United States. Now that round has been topped up with almost £16m, again led by Oppenheimer Holdings.
It brings the total amount raised since inception to circa $140m.
Since the beginning of 2021, 77m US adults covered by Medicare and commercial plans have had access to LiverMultiScan, the company’s flagship diagnostic tool to assess and monitor chronic liver disease.
The coverage and established reimbursement codes have fueled LiverMultiScan’s adoption by several major US hospitals. Perspectum is working to expand its footprint across the US and to scale to meet the increasing demands for assessing organ health.
“The second Series C second close further supports deployment, development and validation of our platform-based product portfolio targeted for clinical research and clinical use,” said Dr Rajarshi Banerjee, CEO of Perspectum.
“More broadly, it enables us to maintain our demonstrated leadership in the fields of medical AI techs to influence patient care both now and in the future.”
Perspectum’s software products enhance the capabilities of a standard magnetic resonance imaging (MRI) machine, enabling it to capture multiparametric mapping data which allows its AI-driven software to measure organ inflammation with greater precision, aiding diagnosis and the monitoring of patients with chronic diseases.
“When I think of all the patients I cared for over 45 plus years, how I wish I had Perspectum’s AI-enabled technologies in my day,” said Dr Elizabeth Fagan, Perspectum board member and adjunct Professor of Internal Medicine and Pediatrics at Rush-Presbyterian-St. Luke’s Medical Center, Chicago.
The hepatologist and pioneering liver transplant physician added: “I can see, for example, how Perspectum’s LiverMultiScan combined with their FDA-approved MRCP+ technology can be applied to many chronic liver and biliary diseases.”
In addition to scaling its US operations, Perspectum will use the new funding to accelerate its product pipeline for multiorgan conditions and oncology.
“I am thrilled with this second close as Perspectum moves toward mainstream adoption of its current commercially available products such as its flagship LiverMultiScan product,” said Perspectum chair Dr Michael Rosenblatt.
“The funding supports a more accelerated approach as Perspectum moves to achieve its ultimate goal of standardising the use of integrated AI clinical decision support tools for the management of patient health at scale globally.”
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