Qureight's $20m round sat above preferred equity and HSBC security. Qureight's $20m Series B followed a £2m senior C1 issue and four HSBC security filings, placing lenders and preferred capital ahead of older equity. By Hagen Hoferichter · Published 3 August 2026 at 12:22 CEST Source record available QUREIGHT LIMITED · 11132399. Open the legal identity and 2 reviewed filings behind this analysis. Qureight's $20 million Series B arrived after the medical-imaging data company had already added two layers of downside protection to its capital structure. A March filing records £2.00 million of new C1 shares that rank ahead of older investor classes. The UK charge register also shows four outstanding security interests in favour of HSBC Innovation Banking, two created in February and two in June. That does not turn the round into debt, and it is not evidence of distress. It does change the economic reading. Company liabilities are met before shareholders receive exit or liquidation proceeds, and the C1 class then gets its contractual priority before older B and A shares. The financing headline therefore sits above a stack in which lenders and newer preferred capital have protection that ordinary ownership percentages do not show. | Public headline | Filed evidence before the announcement | Economic reading | | $20m Series B led by Molten Ventures | £2.00m C1 allotment on 31 March 2026 | New preferred capital was already visible | | Growth funding for clinical-trial infrastructure | C1 ranks ahead of B and A in the filed waterfall | Older equity takes downside after the senior preference | | Equity syndicate named publicly | Four outstanding HSBC security registrations | Secured liabilities sit outside the equity ownership headline | The important conclusion is narrow. The filings reveal priority, not the final ownership map. They do not show which investor received the C1 shares, how the announced $20 million was allocated or how much Qureight owed HSBC. The £2m C1 issue came four months before the headline. Tech.eu reported Qureight's Series B on 29 July 2026. Molten Ventures led the round, with Hargreave Hale AIM VCT, XTX Ventures, Guinness Ventures, Meltwind and Ascension participating. Axios independently reported the same round size and syndicate. The public story is commercially straightforward. Qureight provides imaging and data infrastructure for clinical trials, and the new capital is intended to expand its platform and international reach. The register supplies the missing financing sequence. On 31 March, QUREIGHT LIMITED allotted 14,757 C1 ordinary shares at £135.53 each. The stated consideration was £2,000,016.21. Immediately after the allotment, the filing recorded 268,128 issued shares, making C1 about 5.50% of that issued share count. | Calculation | Filed input | Result | | C1 consideration | 14,757 x £135.53 | £2,000,016.21 | | Immediate C1 share-count position | 14,757 / 268,128 | 5.50% | | Time to public Series B report | 31 March to 29 July | About four months | The 5.50% figure is not a post-round cap table. It is the class's share-count position immediately after one allotment, before any later Series B issuance that may not yet appear in the public filing sequence. It also says nothing by itself about votes or fully diluted ownership. The timing supports two possible readings. C1 may have been a separate bridge-like preferred issue, or it may have been an early closing of the round announced in July. The public documents do not settle that question, so adding £2 million to $20 million would manufacture a total that the evidence does not support. C1 sits at the front of the equity waterfall. The same Companies House filing reproduces the distribution priority attached to the capital. After the token payment to the deferred class and the settlement of company liabilities, C1 receives its aggregate issue price before the older B and A classes. Ordinary and seed shares participate in the residual pool only after those senior amounts have been addressed. | Priority stage | Position in the filed structure | Practical consequence | | Company liabilities | Before shareholder distributions | Creditors are paid before equity value is divided | | C1 shares | First substantive investor preference | Up to the C1 issue-price amount is protected ahead of older investors | | B shares | After C1 | The prior preferred class is subordinated to the new C1 layer | | A shares | After B | A absorbs downside after both newer preferred classes | | Ordinary and seed residual | After senior preference stages | Headline ownership matters most once the stack is covered | This ordering matters most when an exit value is constrained. If enterprise value comfortably exceeds liabilities and all preference amounts, the waterfall may have little effect on the relative outcome. If value falls closer to the protected amounts, legal priority can matter more than a simple percentage of shares. That is the commercial friction hidden by a round announcement. New money can finance growth while also moving older investors and ordinary holders further back in the downside queue. Qureight's filing establishes that C1 obtained this protection. It does not establish a specific future payout. The structure resembles the preferred-capital issue behind Perceptual Robotics' funding stack, where equity type changed the meaning of the public financing total. Here, however, secured bank claims add another layer outside the shareholder waterfall. Four HSBC registrations add secured-creditor protection. The official Companies House charge register lists four charges in favour of HSBC Innovation Banking Limited, all still outstanding at the evidence cutoff. Two were created on 24 February 2026 and two on 5 June 2026. | Date created | Charge codes | Filed feature | What remains unknown | | 24 February 2026 | 111323990001 and 111323990002 | Fixed security and negative-pledge provisions | Facility limit, amount drawn and repayment profile | | 5 June 2026 | 111323990003 and 111323990004 | Fixed security and negative-pledge provisions | Whether these extend one relationship or document separate facilities | | 3 August 2026 cutoff | All four outstanding | No satisfaction filing recorded | Current secured balance and release conditions | A fixed charge can give a lender recourse to specified assets and restrict the company from granting competing security. A negative pledge reinforces that protection by limiting later encumbrances. That is economically different from holding preferred shares: a secured lender relies on contractual repayment and charged assets, while an investor relies on the equity waterfall after liabilities. The filing count must not be mistaken for a debt total. Four registrations can relate to several accounts or instruments under one banking relationship. The public forms do not disclose four facility amounts, so there is no defensible number to add up. Security is also not synonymous with financial trouble. Venture-backed businesses commonly use secured facilities for working capital, receivables or runway alongside equity. The relevant fact is risk allocation. The security gives HSBC protection that shareholders do not have, while the new C1 class receives better downside ordering than older equity. That contrasts with Modo Energy's secured debt facility, where the filed charge could be tied to a publicly disclosed £13.5 million financing. Qureight's documents establish the secured relationship, but not its size. The timeline shows A deliberate layering, not A debt total. The sequence compresses the structural changes into five months. | Date | Event | Defensible interpretation | | 24 February 2026 | First two HSBC charges created | Secured bank protection enters the visible structure | | 30 March 2026 | New capital terms adopted | C1 is placed ahead of older equity classes | | 31 March 2026 | £2.00m C1 allotment | Senior preferred capital is issued | | 5 June 2026 | Two further HSBC charges created | The secured relationship is extended or supplemented | | 29 July 2026 | $20m Series B reported | Growth-equity headline arrives after the priority layers | The filings are therefore useful even without a complete cap table. They show that the round did not enter a blank corporate shell or a single-class ownership structure. Anyone assessing the value of older shares, future employee equity or another financing must account for both creditor security and the staged investor preferences. The method is reproducible through the UK Companies House data source: match the exact legal entity, read allotments together with the attached capital terms, then reconcile the charge register by creation and satisfaction status. The documents answer different questions and should not be collapsed into one financing number. The next filings will decide who actually moved back. The missing document is the post-round ownership state. A new SH01, confirmation statement or member register could show how many Series B shares were issued and whether the March C1 holders overlap with the publicly named syndicate. It would also reveal how much the pre-round classes were diluted on a straight share-count basis. For the debt side, a facility disclosure or later satisfaction filing could show whether the four HSBC registrations support one facility, multiple facilities or several secured accounts. Until then, the amount of bank exposure and its maturity remain outside the defensible claim boundary. Qureight's financing story is therefore not that debt secretly replaced equity. It is that the $20 million round entered a company where downside had already been ordered. Liabilities came first, C1 sat ahead of older preferred shares, and four HSBC security registrations remained open. The next ownership and charge filings will determine which investors moved back in the queue, and how much secured capital stood ahead of them.

Qureight raises $20 Million Series B for AI imaging in lung and heart clinical trials. Last Updated: 29 July 2026 Co-founder of JustAINews Key Points * Qureight raised $20 million in Series B funding led by Molten Ventures to expand its AI imaging platform for clinical trials. * The capital will fund a new AI imaging laboratory and expand into asthma, pulmonary hypertension, bronchiectasis, and lung toxicity. * Hargreave Hale AIM VCT, XTX Ventures, Guinness Ventures, Meltwind, and Ascension also participated alongside new lead investor Molten Ventures. Qureight, a Cambridge-based startup that uses artificial intelligence to analyse medical scans in clinical trials for lung and heart diseases, has raised $20 million in a Series B round. The company was founded in 2018 by Dr Muhunthan Thillai, a pulmonologist with over 20 years of experience in thoracic medicine. Its platform turns patient scans into structured, measurable data that pharmaceutical companies can use to run clinical trials faster and with more precision. The round was led by Molten Ventures, a London-listed venture capital firm that backs European technology companies from Series A onward. Existing investors Hargreave Hale AIM VCT, XTX Ventures, Guinness Ventures, Meltwind, and Ascension also participated. No valuation was disclosed. There is a clear commercial reason for the timing. According to Mordor Intelligence, the clinical trial imaging market was valued at $1.32 billion in 2025 and is forecast to reach $2.04 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.47%. Much of that growth is being driven by the adoption of AI tools that can reduce human error in reading scans, speed up analysis, and detect subtle signs of disease progression. In conditions like lung fibrosis, where scarring in the lungs worsens gradually over time, these tools help researchers track small structural changes with far greater consistency than manual methods allow. Why AI Matters in Clinical Trial Imaging Clinical trials are the testing process through which new drugs must pass before they can be approved for patients. In trials for lung and heart diseases, medical imaging plays a central role. CT scans of the chest, for example, help researchers see whether a treatment is slowing disease, stopping it, or having no measurable effect. Traditionally, radiologists have reviewed these scans by eye. That process is time-consuming. It can also produce inconsistent results across different hospitals and countries involved in the same trial. Qureight's software uses deep learning, a type of AI trained on large datasets of medical images, to measure specific structural changes in the lungs. The idea is to make disease progression easier to quantify in ways that are more objective and repeatable. If trial results are more consistent, it can take less time to determine whether a drug works. The global lung and heart clinical trials market is expected to grow to $27.5 billion by 2030, according to the company. "Qureight demonstrates how AI, powered by real-world data, can accelerate discovery and transform clinical research. The team's rapid deployment of solutions in areas of unmet need underscores their unique capability to drive the next generation of medical innovation. We look forward to working with Muhunthan and the team as they deliver on this vision." Dr Inga Deakin, Partner, Molten Ventures How Qureight Plans to Spend the $20 Million A large share of the new capital will go toward building what Qureight calls an AI imaging laboratory. At its centre will be a 3D chest imaging Foundation Model, which is a large AI system trained on extensive datasets of chest scans. Once trained, it can be adapted to recognise patterns in different diseases. The key advantage is speed. Because the core system has already learned the basic structures present in chest images, building new disease-specific tools requires less data and less time. That matters because Qureight currently focuses on lung fibrosis, a condition in which scar tissue builds up in the lungs. With the foundation model in place, the company plans to move into asthma, pulmonary hypertension (high blood pressure in the arteries of the lungs), bronchiectasis (a condition where the airways become permanently widened), and drug-induced lung toxicity (lung damage caused as a side effect of certain medications). All four are active areas of pharmaceutical research where demand for better imaging tools is growing. The funding will also support the expansion of Qureight's commercial team. The company operates as an imaging CRO, or contract research organisation, which means pharmaceutical companies hire it to handle the imaging side of their clinical trials. That includes everything from setting up imaging sites around the world to collecting, managing, and analysing the scan data. What Qureight Does and How Its Platform Works Qureight was founded in 2018 and is headquartered in Cambridge, UK. It combines the traditional services of a clinical trial imaging organisation with its own AI technology. Its platform covers the full imaging workflow: onboarding trial sites globally, managing scan data, running AI analysis, and delivering results to pharmaceutical partners. The company offers three product lines. Its imaging CRO services handle the logistics of image collection and quality control across trial sites worldwide. Its AI analytics use proprietary biomarkers, branded tools such as Lung8, Air8, Fibr8, Glass8, and Vascul8, to measure structural changes in the lungs that indicate disease progression or treatment response. And its data science products, including synthetic control arms, allow pharmaceutical companies to compare trial results against historical patient data rather than running a separate placebo group, which can reduce both the cost and duration of a study. The platform is certified to ISO 13485 and ISO 27001 standards, and its customers include AstraZeneca, Bristol-Myers Squibb, and Daiichi Sankyo. Dr Muhunthan Thillai, co-founder and CEO, is a board-certified pulmonologist who qualified from Imperial College London and previously served as Director of Interstitial Lung Diseases at Royal Papworth and Addenbrooke's Hospitals in Cambridge. The leadership team also includes Dr Simon Walsh as Chief Scientific Officer, a consultant thoracic radiologist and member of the Fleischner Society, and Dr Neil Johnston as Chair of the Board, who previously served on the executive committee at Novartis. "The global lung and heart clinical trials market is expected to grow to USD $27.5bn by 2030, with a CAGR of 6.9% over the next six years. We are strategically positioning ourselves to address this market with our end-to-end, integrated imaging platform for clinical trials. We are excited to bring on Molten Ventures to lead this new financing round and for Dr Inga Deakin to join our Board of Directors... Expanding our 3D imaging deep learning models with our new AI laboratory will complement our existing dominance in lung fibrosis, allow us to enter new markets, and solidify our leadership position in the lung and heart imaging CRO market." Dr Muhunthan Thillai, Co-founder and CEO, Qureight The Investors Behind Qureight's Series B Molten Ventures, previously known as Draper Esprit, led the round. The publicly listed European venture capital firm's portfolio includes companies such as Revolut, Wise, and UiPath. Dr Inga Deakin, a Partner at Molten Ventures, will join Qureight's board as part of the investment. Anna Salim of Hargreave Hale has also joined the board. Existing investors Hargreave Hale AIM VCT, XTX Ventures, Guinness Ventures, Meltwind, and Ascension also participated. Before this round, Qureight had raised $8.5 million in a Series A in April 2024, led by Hargreave Hale AIM VCT, and £1.5 million in seed funding in 2022. Earlier investors also include Playfair Capital and Cambridge Angels. Funding details. * Company name: Qureight * Funding round: Series B * Date: July 2026 * Funding amount: $20 million * Lead investors: Molten Ventures Get the industry's biggest AI news straight to your inbox.