Danish perfusion imaging solution specialist Cercare Medical has completed a €7.4m ($7.7m) funding round to expand operations into new markets.
The company provides perfusion mapping software that is designed to support the assessment of brain tissue pathologies in computed tomography (CT) and magnetic resonance imaging (MRI).
Private equity and venture capital company West Hill Capital led the latest funding round, also serving as a broker in connecting individual investors with Cercare Medical.
In use throughout stroke and oncology facilities in more than 23 countries, Cercare’s software can be applied to analyse the data found in CT or MRI scans to visualise and quantify factors. Examples include the blood flow in specific tissues or organ regions, which is, for instance, particularly useful data in diagnosing conditions such as strokes, tumours, or vascular diseases.
According to Cercare Medical chairman Jeppe Øvlesen, while the company has a presence in the US, South Korea, and Latin America, “now is the time” to expand into further markets, including the UK and various European countries, in light of the company achieving triple-digit growth annually over the past few years.
Øvlesen said: “This requires investing in growing our local teams and strengthening partnerships with industry leaders. This funding marks a significant milestone in our journey.
“It brings us closer to our mission of integrating metabolic perfusion imaging into the clinical workflows of leading oncology and stroke facilities on a worldwide scale."
Cercare Medical CEO Kim Mouridsen said: “With this latest funding, we aim to scale our platform to serve hundreds of leading hospitals worldwide within a few years."
According to GlobalData analysis, the global positron emission tomography (PET) and MRI systems market is growing at a CAGR of 10.40% and is forecast to reach a valuation of around $587m by 2033.
