Albion leads £1m round for Mirada Medical

The investment follows an initial investment by Albion of £1.5m in 2008, which funded the company's spinout from Siemens Medical Imaging.

The VC contributed £850,000 drawn from its six VCTs with Mirada management and employees providing the additional £150,000.

The capital will enable Mirada to recruit engineers and scientists, in a move to accelerate product development, and to expand product distribution.

The injection follows a month of high investment activity from Albion in March 2014, despite the launch of its new VCT offer.

The VC started its flurry of investments by acquiring a minority stake in email and file encryption provider Egress Software Technologies for £2.2m. It also joined rounds including a $3.3m injection into UK-based digital advertising technology company Grapeshot, a £1.6m investment in UK health club network PayasUgym and a £3m round for livestock-focused software company Silent Herdsman.

Company
Based in Oxford, Mirada is a supplier of medical imaging software used in cancer treatments including radiology molecular imaging and radiation oncology. It was founded in 2001 by researchers at Oxford University and has a headcount of 38. Since Albion's initial investment, the company has focused on export-led growth with 80% of its sales generated outside of the UK.

People
Hugh Bettesworth is CEO of Mirada. David Gudgin is a partner at Albion and has a seat on the Mirada board.

Advisers
Equity - Bird & Bird, Geraint Lloyd (Legal).
Company - Blake  Lapthorn, Stephen Archibald (Legal)

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• Topics
• UK / Ireland
• Expansion
• Healthcare
• Technology
• Albion Ventures
• United Kingdom