Mishcon de Reya has advised Lucida Medical on its £8.85 million Series A investment round, led by IW Capital with continued backing from XTX Ventures and Macmillan Cancer Support. The raise marks a major step in advancing the development of its AI‑enabled approach to prostate cancer diagnostics.
Lucida Medical’s technology uses patented artificial intelligence to assist clinicians in interpreting prostate MRI scans with greater speed and accuracy. The solution is already deployed across parts of the NHS, helping to strengthen diagnostic capacity at a time when radiology teams are experiencing sustained workforce pressures. With a national shortage of clinical radiologists, improving the efficiency of MRI interpretation has become essential in reducing delays and delivering better patient outcomes.
Proceeds from the Series A will be used to enhance Lucida Medical’s diagnostic solution and support its wider roll‑out across healthcare settings. By reducing scan analysis times from weeks to minutes, the company aims to lessen reliance on unnecessary procedures, ease pressure on clinical resources and improve patients’ experience during a particularly sensitive stage of their care.
Chris Keen, Partner at Mishcon de Reya and relationship lead on the matter, commented: “Lucida Medical is making amazing progress in bringing AI innovation into frontline clinical practice. Their work has the potential to materially improve cancer diagnosis in the UK, and ultimately to save lives. We are pleased to have supported the team since the inception of the business in 2020, through this milestone Series A fundraise."