Qureight, a Cambridge-based company specializing in AI-powered imaging for clinical trials, has successfully closed a $20 million Series B funding round. Led by Molten Ventures, this significant investment will fuel the company's expansion and the development of its advanced platform for heart and lung diseases. The new capital is earmarked for launching a state-of-the-art AI imaging laboratory and extending its services into new therapeutic areas.
Strategic Investment for AI Innovation
The funding round was spearheaded by Molten Ventures, with continued participation from existing investors including Hargreave Hale AIM VCT, XTX Ventures, and Guinness Ventures. This capital infusion elevates Qureight's total funding significantly from its £1.5 million seed round in 2022. The investment underscores strong investor confidence in Qureight's mission to accelerate and improve the efficiency of pharmaceutical clinical trials.
A key objective for the new funds is the creation of an in-house AI imaging laboratory built around a 3D chest imaging foundation model. This innovative approach will drastically reduce the time required to develop new disease-specific deep learning models from a year to just one or two months. This capability will allow Qureight to rapidly address unmet needs in complex therapeutic areas and bring new products to market faster.
Enhancing Clinical Trial Efficiency
Qureight provides pharmaceutical partners with two integrated products designed to streamline clinical research and improve data analysis. Its Workflow platform accelerates imaging decisions, cutting turnaround times from approximately two weeks down to just 48 hours. The company's AI Lung product builds detailed models of airways and blood vessels, offering precise insights into how drugs affect disease progression.
The company is already collaborating with major biopharma firms, including AstraZeneca and Bristol Myers Squibb, on global clinical trials. Its platform provides real-time insights and precision endpoints that are critical for accelerating studies in fibrotic lung diseases. These partnerships demonstrate the real-world applicability and value of Qureight's technology in the drug development pipeline.
Market Expansion and Growth Trajectory
With the new capital, Qureight plans to expand its focus beyond lung fibrosis into new high-demand markets like asthma, pulmonary hypertension, and bronchiectasis. To support this growth, the company intends to double its workforce to 100 employees by the end of the year. A second office is also scheduled to open in London to accommodate the expanding team and commercial operations.
This expansion is strategically timed, as the global market for lung and heart clinical trials is projected to reach $27.5 billion by 2030. While other companies like Brainomix operate in the space, Qureight differentiates itself by focusing on trial design and imaging contract research earlier in the process. This positions the company to capture a unique segment of the growing market.
Leadership and Investor Confidence
The company was co-founded in 2018 by Dr. Muhunthan Thillai, a consultant chest physician who identified a critical need for better imaging data use in trials. Despite not having an engineering background, the founders built a formidable senior technical team to execute their vision. Dr. Thillai continues to see patients, grounding the company's mission in direct clinical experience and need.
Investor confidence is high, with Molten Ventures partner Dr. Inga Deakin joining Qureight's board. She noted that Qureight demonstrates how AI can transform clinical research and accelerate discovery by deploying solutions in areas of unmet need. This partnership provides Qureight with an experienced lead investor known for scaling deep tech companies beyond the Series B stage.
This $20 million investment marks a pivotal moment for Qureight, providing the resources to scale its operations and solidify its leadership in the clinical trial imaging market. By advancing its AI platform and expanding into new disease areas, the company is well-positioned to significantly impact the speed and success of future drug development. The funding will enable Qureight to continue its mission of transforming clinical research for complex lung and heart conditions.