Private equity firm invests $7.8M in radiology market-intelligence outfit Signify Research

London-based private equity firm BGF is investing over $7.8 million (USD) into Signify Research, the two announced Oct. 14. 

Founded in 2016 and also based in the U.K., Signify provides research, consultancy and market intelligence in medical imaging, AI and other parts of medicine. Leaders said the investment will help Signify Research to accelerate its growth plans and expand the company’s market presence. 

“We are thrilled to partner with Signify Research, a sought-after market analysis firm that has consistently demonstrated innovation and leadership in the healthcare technology industry,” Mark Nunny, an investor with BGF (formerly the Business Growth Fund), said in a statement. “Our investment will provide the necessary resources to support their ambitious growth plans and drive further advancements in their technology.” 

Following the investment, Signify plans to increase the breadth of its coverage areas and depth of its research. Gareth Miller also has been appointed as nonexecutive chair of Signify’s board of directors. He previously served as CEO of BGF-backed Cornwall Insight, a provider of research, data and analysis to the energy sector, which was acquired by Bowmark Capital in 2022. There, Gareth helped successfully scale Cornwall Insight leading up to BGF exiting its investment. 

“This partnership is a testament to the strength of our business model and the potential for future growth,” Steve Holloway, CEO and co-founder of Signify Research, said in the announcement. “We are confident that with BGF’s support, and the highly relevant experience of Gareth Miller, we will continue to lead the way in delivering cutting-edge healthcare technology market intelligence solutions.”