London and Cambridge-based Panakeia Technologies is pioneering artificial intelligence (AI)-driven molecular profiling through its PANProfiler platform. Starting with breast and colorectal cancer, it is changing the way diseases are diagnosed, delivering vital test results in minutes instead of weeks.
With tailored innovation and growth support from Innovate UK, the company has secured £920,000 in grant funding, successfully validated its colorectal cancer product on more than 4,700 NHS patient samples, attracted interest from 10 NHS sites to trial its technology and expanded internationally.
Panakeia Technologies has developed AI technology that can analyse images of tissues and cells to instantly detect the presence of key cancer biomarkers. Its two UK Conformity Assessed (UKCA) marked diagnostic products – PANProfiler Breast and PANProfiler Colorectal – remove the need for many laboratory tests, helping cut costs, speed up treatment decisions and free up valuable time for healthcare professionals.
The technology supports the NHS Long Term Plan and the UK’s AI Strategy by boosting efficiency, improving patient outcomes and reducing inequalities in care.
Pahini Pandya, CEO and Founder of Panakeia Technologies, says: “Our PANProfiler products deliver fast, accurate results that help clinicians make treatment decisions sooner. By reducing waiting times from weeks to just one day, we can improve outcomes for patients and ease the pressure on hospital services.”
Bridging the gap between innovation and NHS adoption
Panakeia began working with Innovate UK Business Growth in 2023. Powered by a £350,000 Innovate UK grant, the company validated PANProfiler Colorectal through its AI-driven PANProfiler platform, using more than 4,700 NHS patient samples from sites across England, Wales, Scotland and Northern Ireland. The results indicated the product performed on par with laboratory tests, giving the product the credibility needed to progress to the next stage of development and attract interest from NHS Trusts.
Pahini adds: “This project marked a major milestone for us. The validation confirmed our technology’s reliability in clinical settings and helped open conversations with NHS Trusts about real-world deployment.”
Building on this progress, Panakeia was awarded a £570,000 Innovate UK Investor Partnerships grant to fund the service evaluation of PANProfiler Breast at NHS sites in England and Scotland. This study aims to provide the evidence needed to show cost savings, real-world accuracy and a strong case for adoption by 2026.
Innovate UK has been a crucial partner
Innovation and Growth Specialist, Vivienne Scantlebury, worked with the team to revise applications focused on two major challenges: Improving and validating PANProfiler Colorectal in real-world clinical settings and generating the practical evidence required by NHS Trusts to adopt the company’s UKCA-marked PANProfiler Breast.
Vivienne supported Panakeia in identifying the right sources of funding, sharing tailored opportunities that matched its stage of growth, including European Union initiatives such as CancerMate.
She also provided review and feedback on Innovate UK grant applications to strengthen Panakeia’s submissions and ensure its funding strategy aligned with its growth ambitions.
Building partnerships and market traction
As well as funding, Innovate UK Business Growth has provided ongoing strategic advice on market access, internationalisation and business planning, helping Panakeia strengthen its position and build valuable relationships.
Support was provided in accelerating Panakeia’s go-to-market timeline and sharing insights into European healthtech opportunities.
The company was also supported in following up on a Global Incubator Programme (GIP) visit to Houston, United States, and advised on regulatory updates including new UK clinical trial regulations. Together, this guidance has enabled Panakeia to progress more quickly, open international opportunities and build confidence in its growth strategy.
Pahini explains: “Beyond funding, Innovate UK Business Growth team has provided crucial guidance. This included support with reviewing grant applications helping establish relationships for business growth. This partnership has truly driven our advancements and commercial success.”
Diagnostics innovation making a national impact
By delivering same-day biomarker results, Panakeia’s technology reduces reliance on routine laboratory testing. This eases NHS capacity pressures, speeds up treatment decisions and supports performance against the 62-day cancer treatment target.
The company’s growth is also creating high-value jobs in the UK, strengthening links between the NHS, universities and the life sciences sector, and contributing to economic growth.
Panakeia’s journey shows how targeted innovation and growth support can help a pioneering business move from prototype to adoption, both in the UK and internationally, while delivering tangible benefits to healthcare systems and patients.
[The] Innovate UK Business Growth team has provided crucial guidance. This included support helping establish relationships for business growth. This partnership has truly driven our advancements and commercial success.
Pahini Pandya, CEO and Founder of Panakeia