Oxford-based Perspectum grabs €34M to improve patient care for cancer and metabolic diseases

Oxford-based Perspectum, a medtech company, announced on Thursday, January 5, that it has secured $36M (approximately €34M) in the first close of a Series C round of funding led by Oppenheimer Holding.

The latest round brings the total funding raised by the company to $120M (approximately €114M).

The British company says it will use the new funds to accelerate its product pipeline for multi-organ inflammatory conditions and oncology. The company is also planning to scale up its operations in the US. 

“We are excited to have Oppenheimer and British Patient Capital join our mission to create safer and more accurate imaging technologies that will help clinicians shorten patients’ diagnostic and treatment journeys,” says Rajarshi Banerjee, MD, Ph.D., CEO of Perspectum. 

“This new funding will help us to continue innovating new products that will make healthcare safer by providing non-invasive alternatives to biopsy, totally changing how and when we can see and treat many diseases,” he adds. 

Perspectum: What you need to know

Founded in 2012 in collaboration with the University of Oxford, Perspectum is a precision health company that develops medical imaging tools to improve the diagnosis of metabolic diseases, multi-organ pathology, and cancer.

The company aims to empower clinicians and patients through quantitative health assessments, facilitating early detection, diagnosis, and targeted treatment. 

The company says its software products enhance the capabilities of a standard magnetic resonance imaging (MRI) machine, enabling it to capture multiparametric mapping data. This allows its AI-driven software to measure organ inflammation with greater precision, aiding diagnosis and the monitoring of patients with chronic diseases.

Since 2021, the company claims that 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. 

In November 2022, the company joined with Nuance, a Microsoft company, to help accelerate the adoption of Perspectum’s non-invasive quantitative multiparametric MR (Magnetic Resonance) software services over 12,000 US healthcare facilities using Nuance’s expanding Precision Imaging Network.

Perspectum has offices in the US, UK, Portugal, and Singapore. 

“Perspectum is a truly disruptive company with medical imaging software that can dramatically improve the standard of care for millions of patients, as well as provide a higher level of decision support for physicians,” says Robert Lowenthal, President of Oppenheimer Holdings. “We anticipate Perspectum will continue to lead the field of AI-enhanced imaging for years to come.”

“Life sciences and deep tech are two bright spots within the UK’s innovation economy, and Perspectum is bringing the two together as they pioneer technological developments that are revolutionising the patient experience. Through our Future Fund: Breakthrough programme, we are excited to work with an industry-leading team at Perspectum and support their global growth ambitions,” says Catherine Lewis La Torre, CEO of British Patient Capital.