Lung cancer is the second most common form of cancer globally, per the World Health Organization, but is responsible for the most cancer-related deaths by far, with approximately 1.8 million in 2020 alone.
Countless drug and devicemakers have therefore thrown their hats in the ring in an attempt to improve treatment and outcomes for lung cancer patients. The latter category includes several artificial intelligence developers, which are using the technology to scope out tumors as soon as they arrive, predict the disease’s progression and determine the most effective treatment routes, personalized to each patient.
Among those AI architects is Optellum, which has already garnered FDA clearance for its lung cancer-centric software and has struck up partnerships with GE Healthcare and Johnson & Johnson’s Lung Cancer Initiative to bring the technology to more healthcare providers across the U.S. and beyond.
In the latest step toward that goal, Optellum has secured its first major funding round: a $14 million series A, which brings its lifetime fundraising to around $15.5 million since its 2016 founding.
The financing, which the Oxford-based startup announced Tuesday, was led by U.K.-based Mercia. Also joining in were Black Opal Ventures, Oxford’s St. John’s College, IQ Capital, the family office of Sir Martin and Lady Audrey Wood, and Intuitive Ventures, the independent VC arm of robotic surgery giant Intuitive Surgical.
Optellum said it will use the funds to build up its physical footprint and commercial reach in both the U.K. and U.S.—where it has established a headquarters in Houston—while also continuing its efforts to expand the AI platform. Specifically, that growth will include integrating molecular data, robotics and liquid biopsies into the software to improve its diagnostic abilities and help it make more patient-specific treatment decisions.
Optellum’s Virtual Nodule Clinic—cleared by the FDA in March 2021—is designed to analyze CT scans showing potential lesions in the lungs, including the approximately 2 million scans per year that are ordered for reasons unrelated to cancer but incidentally detect nodules.
The system’s AI algorithms look over the scans—and any prior imaging data in a patient’s file—to identify and examine the possible signs of cancer and, within seconds, assign a score denoting the risk that a nodule is malignant.
That risk score can then guide doctors in developing an appropriate treatment plan for each patient. The ultimate goal of the company’s software is to cut down on the approximately 60% of cases in which a suspicious nodule is identified but recommended follow-up guidelines aren’t observed. According to Optellum, though the current five-year survival rate for lung cancer sits at 20%, that number shoots up to 90% for small tumors treated at the earliest stages of development, denoting the importance of early and immediate interventions.