Medical technology firm Riverain Technologies has received a $15m growth investment for global expansion.

The investment is led by Ping An Global Voyager Fund, a Hong Kong-based investor in growth stage fintech and healthtech companies. The fund was established in 2017 by Ping An Insurance (Group) Company of China.

Riverain provides clinical artificial intelligence (AI) software tools to identify lung disease at its earliest stages.

The company’s ClearRead suite of products are powered by the most advanced AI and machine learning methods

The company’s ClearRead suite of products supports clinicians to improve patient outcomes. The products, which can be implemented in the clinic or in the cloud, are powered by the most advanced AI and machine learning methods available to the medical imaging market.

Riverain markets advanced AI imaging software, which is utilised by several hospitals across the world, enhances a clinician’s ability to accurately detect cancer and other cell anomalies in thoracic CT and X-ray images.

The company will use the investment to extend and speed up the development of products in the thoracic region and the other areas in the human body.

US-based Riverain also plans to scale its commercial efforts domestically and internationally via established and developing distribution channels.

Riverain Technologies CEO Steve Worrell said: “Our ClearRead technology is designed to aid radiologists in helping patients by allowing them to be more accurate in detecting lung disease in medical images.

“We are excited to extend our proven technologies and methods to applications beyond the thoracic region and to make those applications available globally with the help of our partners.”

Ping An Global Voyager Fund managing director and chief medical officer Marco Huesch said: “Detecting cancer at its earliest stages is critical in driving the best outcomes for patients with the disease.

“We are excited to be partnering with a proven innovator like Riverain to advance cancer care globally.”

The Ping An Global Voyager Fund typically invests between $15m and $50m in non-control positions in companies where an affiliation with Ping An is expected to create mutual value over time.

As at September 2019, the fund has invested approximately $250m across Europe, North America, China and Israel.