A Liverpool city region health tech venture that uses AI to help pathologists to make complex blood cancer diagnoses secures cash injection from £11m fund. Tony McDonough reports
An £11m seed fund for Liverpool city region innovators is giving a £125,000 cash injection to a health tech venture.
Based at Sci-Tech Daresbury, Spotlight is developing AI tools to support pathologists to make complex blood cancer diagnoses. There is a global shortage of pathologists resulting in significant pressures on the system and delayed diagnosis.
Spotlight was founded by Dr Martin Fergie and Prof Richard Byers. They have been joined by Dr Sam Perona who has completed a successful exit from Perfectus Biomedical, a microbiological testing venture she launched in 2012.
Dr Perona has been appointed chief executive of the company and will look to accelerate product development and commercialisation with the new funding from LYVA Labs.
LYVA Labs was established with £11m from Liverpool City Region’s Combined Authority with the aim of driving innovation and economic growth by turning great ideas into high-growth business and creating partnerships to attract investment.
Spotlight is the fourth female-led business LYVA Labs has backed. This £125,000 investment is coming from the Health and Life Sciences pre-seed fund. The firm was spun out of the University of Manchester in January 2020.
“We are delighted to receive this investment from LYVA Labs,” said Dr Perona. “The investment process was rapid and straightforward, allowing us to keep a focus on developing the business.
“This investment will allow us to grow the team and accelerate our Go to Market plan.”
Chief executive of LYVA Labs Lorna Green is dedicated to untapping the potential of ambitious female entrepreneurs. She chairs Liverpool city region’s new Female Founder Regional HIGH Growth Board.
Dr Perona has also joined the regional board as a member, role model and mentor for other female founders in the region.
Akshay Bhatnagar, head of investment, LYVA Labs, said: “LYVA Labs is delighted to back Sam, Martin and Richard in their mission to help reduce the number of people dying from blood cancer by providing the technology to allow more rapid diagnosis which will enable earlier treatment for the condition.
“We look forward to working with the team and seeing the product come to market over the next 12 months.”
Earlier this week LBN revealed that biotech firm Entropix, based at The Heath in Runcorn, had also secured funding from LYVA Labs although the value of that investment was not revealed.