Seoul, Korea—Lunit, a leading medical artificial intelligence (AI) company providing solutions for precision diagnostics and therapeutics, announced today that it has raised $26M in its series C funding. This round was backed by Asian investors, led by Korea’s Shinhan Investment, followed by InterVest, IMM Investment, Kakao Ventures, and China’s Legend Capital of Lenovo Group.
The funding round is the latest after the Fujifilm investment of $4.3M and Series B funding of $15M last year. Founded in 2013, Lunit has since raised $50M in total.
The added capital will fuel and accelerate the global sales of its AI software for chest and breast radiology, Lunit INSIGHT series. The chest x-ray solution, Lunit INSIGHT CXR, has recently received a CE mark, now cleared for European sales. The fund will also support the advancement of its R&D efforts in oncology/pathology pillar, which utilizes digitized pathology tissue data to employ AI in the prediction of individual cancer treatment response.
“Our dedication to combat cancer through AI has shaped some tangible, meaningful outcomes,” said Brandon Suh, CEO of Lunit. “We have presented our studies at global meetings such as American Society of Clinical Oncology (ASCO) and Radiological Society of North America (RSNA), and published papers in impactful journals like Radiology and JAMA Open Network. We have been actively adopting customer needs and feedback into our products, upgrading the software to improve clinical workflow.”
Lunit products are currently used in Mexico, the United Arab Emirates, China, Thailand, Taiwan, and Korea. The public demo has analyzed more than 2.5 million radiology images, reaching 80 countries throughout the world. “We now look forward to scaling out our business and developing more advanced AI solutions with super-human capabilities, that generate predictive value that can augment the practice of medicine,” said Suh.
Funded by major venture capital companies, SoftBank Ventures Asia and Silicon Valley-based Formation 8, Lunit has been well received by the medical community and is now engaged in various large-scale research and corporate partnerships.