The Korean medical AI startup Lunit, which is already backed by SoftBank has raised US$26 million in a series C round led by a Korean brokerage and investment firm.
Other investors such as InterVest, alternative asset investment company IMM Investment, Kakao Ventures, and Lenovo Group’s Legend Capital also participated in the round, which pushed the startup’s total capital raised to US$50 million.
The company previously secured US$4.3 million in investment from Fujifilm and US$15 million in series B funding last year. Lunit, abbreviated from “learning unit,” develops advanced software for medical data analysis and interpretation through deep-learning technology. Its solutions, which mainly target cancer, provide precise diagnostics and therapeutics to help patients find the right treatment.
The company plans to use the new funds to accelerate the global sales of its AI software for chest and breast radiology and help drive its research and development efforts in oncology and pathology.
“Our dedication to combat cancer through AI has shaped some tangible, meaningful outcomes,” said Lunit CEO Brandon Suh. “We have been actively adopting customer needs and feedback into our products, upgrading the software to improve clinical workflow.”
Founded in 2013, Lunit said its products are now being used in Mexico, the United Arab Emirates, China, Thailand, Taiwan, and Korea. It also claims that its public demo has analyzed more than 2.5 million radiology images, reaching 80 countries.