German life science firm Bayer has acquired artificial intelligence company Blackford Analysis for an unspecified sum.
Blackford Analysis provides tools for those working in healthcare to use medical imaging AI applications.
Ben Panter, founder and CEO, Blackford Analysis, said: “Blackford exists to improve the lives of patients and populations by unlocking the adoption and benefits of medical imaging AI and we explored a number of funding options to expand the company to deliver this mission.”
The University of Edinburgh spinout will remain independent at an “arm’s length” after the acquisition.
Founded in 2010, Blackford Analysis’ management and employees will remain the same and stay based in Edinburgh.
Investment into Blackford Analysis preceding the acquisition came from angel syndicate Archangels, the University of Edinburgh’s venture investment fund, Old College Capital, Scottish Enterprise, Thairm Bio, and Tricapital.
“We are pleased to join forces with Blackford and their exceptional team to optimally utilize our combined expertise in healthcare technology with the aim to deliver true value to radiologists and their teams for the benefit of their patients,” said Stefan Oelrich, president of pharmaceutical at Bayer.
Blackford Analysis first began working on Bayer’s medical imaging platform in 2020.
Bayer’s purchase of Blackford Analysis is still subject to closing conditions.