3rd April 2014

Albion Ventures fuel Mirada Medical Growth with £1M investment

Oxford, United Kingdom, 3 April, 2014: Mirada Medical, a world leader in innovative software products that help doctors use medical images to diagnose and treat cancer, announced that they have received additional funding to accelerate the company’s growth plans. The investment will fuel the expansion of Mirada’s product distribution worldwide and support accelerated product development through the addition of new high-value scientific and engineering positions at their Oxford, UK headquarters.

Mirada’s products are designed to simplify technically complex image quantification, allowing clinicians to confidently diagnose disease, assess response to treatment and plan radiation therapy or surgical intervention.

Albion Ventures is investing a further £0.85M in Mirada Medical, in addition to new equity which was acquired by the employees and founders of the company. This follows Albion’s initial investment of £1.5 M in 2008 and reaffirms their confidence in Mirada’s management, technology and world-class products. Albion works with smaller companies and entrepreneurial management teams, helping businesses like Mirada Medical grow by providing financial resources, as well as strategic counselling.   “

Mirada has been an excellent investment for Albion and we are delighted to support its continued growth” explained David Gudgin, Partner at Albion Ventures. “Since our initial investment, 80% of the Mirada’s sales have been generated from outside the UK, demonstrating how VCT funding can help to generate export-led growth. We look forward to helping the firm to grow sales of its proven imaging software.”

Further confidence in Mirada comes from their imaging software being selected by world leading cancer centres and hospitals around the globe, including: Oxford Cancer Centre, Clatterbridge Cancer Centre, Gray Institute for Radiation Oncology and Biology, Rikshospitalet, Copenhagen, MD Andersen Cancer Centre, Johns Hopkins Medical Centre, Memorial Sloan Kettering Hospital and UCLA.  "We are delighted to continue partnering with Albion and their investment will play a key role in driving the business forward,” stated Hugh Bettesworth, CEO of Mirada Medical. “Their support acknowledges our ability to deliver on our plans and will enable our further rapid expansion into global healthcare markets.”