Elucid Bioimaging

About Elucid Bioimaging

Elucid Bioimaging, founded in 2013 by Andrew J. Buckler and James Hamilton, is a Boston-based medical technology company at the nexus of engineering and medicine. Buckler, who serves as the company's President, has a substantial background in developing 3D imaging platforms and has led research and development at major corporations like Philips and Siemens. His expertise in quantitative imaging biomarkers and regulatory strategy, particularly with the FDA, shaped the company's direction. The initial concept for Elucid's technology originated in 2008, aiming to non-invasively replicate the insights gained from surgical procedures. After years of research supported by grants from institutions like the National Institutes of Health, the company was commercially founded. Blake Richards, who had previously advised the company on EMR integration, joined as CEO in 2019 to spearhead commercialization efforts.

The company's core business revolves around its AI-powered software-as-a-service (SaaS) platform designed to analyze medical images for cardiovascular disease. Elucid's primary clients are clinical cardiologists, hospital networks, and health systems, with a business model that also provides significant value to insurance payers by enabling more precise, preventive treatment. Revenue is generated through software licenses and subscriptions. The company has secured significant funding, including a Series C round of $80 million in late 2023, bringing its total raised capital to $121 million. This funding is aimed at expanding commercialization, particularly in North America and Europe.

Elucid's flagship product is the PlaqueIQ™ analysis software, which has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) and is also CE-marked in Europe. PlaqueIQ is a non-invasive tool that uses machine learning algorithms to analyze coronary CT angiography (CCTA) images. Its distinct feature is its foundation in ground-truth histology; the AI was trained using paired samples of CCTA scans and prospectively collected tissue that was physically characterized by pathologists. This allows the software to go beyond merely identifying arterial blockages to objectively quantify and classify the morphology of plaque, including identifying high-risk components like a lipid-rich necrotic core. Physicians can send patient images to Elucid, where algorithms create a 3D model of the coronary arteries, identifying and quantifying plaque composition to help inform treatment decisions and predict the risk of heart attack or stroke. The company is also developing its technology to include non-invasive measurement of fractional flow reserve (FFRCT).