IW Capital leads an £8.7m investment round in Lucida Medical to power ‘same day’ cancer diagnosis
IW Capital has invested £8.7m into Lucida Medical, a UK-based healthtech company using artificial intelligence to help clinicians diagnose prostate cancer from MRI scans faster and more accurately. The funding round, as seen in Sky News, has been led by IW Capital, with participation from XTX Ventures and Macmillan Cancer Support.
The rising incidence of prostate cancer
Lucida’s AI-powered diagnostic platform is already being deployed within the NHS, supporting clinicians at a time when cancer rates are rising and radiology capacity is under increasing strain. With a current shortfall of clinical radiologists across the UK, the ability to interpret MRI scans quickly and efficiently has become critical to improving patient outcomes.
Lucida’s initial focus is on prostate cancer, where demand for faster diagnosis is particularly urgent. An estimated 610,000 men are living with prostate cancer in the UK, a figure that has increased significantly in recent years. Despite this, only 55% of men in England are diagnosed before the cancer has spread, when treatment outcomes are most favourable.
Lucida’s leading AI technology
The company’s patented technology enables earlier and more consistent cancer detection in minutes rather than weeks. By using AI to analyse MRI scans, Lucida aims to improve diagnostic accuracy while reducing unnecessary tests and biopsies, helping to prioritise care for those who need it most.
Already deployed across 15 NHS hospitals and approved for use in both the UK and EU, Lucida’s technology is helping to reduce waiting times and support clinical decision-making. The platform has also been used by Somerset NHS Foundation Trust since 2024 to prioritise high-risk cases and accelerate access to urgent biopsies.
Why we invested
David Fisher, Senior Investment Director at IW Capital, says: “Lucida Medical is addressing a critical bottleneck in modern healthcare. As populations age and incidence rates of cancer rise, the ability to diagnose cancer earlier and more efficiently is essential and forms part of a major Government plan. The company combines deep clinical expertise, strong NHS validation and a scalable technology platform, and we are pleased to support its next phase of growth.”
The investment will support Lucida Medical’s next phase of growth, including investment into patented AI software designed to support earlier and more consistent cancer detection in minutes, not weeks. Using AI to analyse MRI scans aims to improve their accuracy and can reduce unnecessary tests and biopsies, conserving resources for those who need them most.
