Lunit is involved in the development of AI-powered diagnostic tools for cancer screening, as well as biomarkers to precisely predict and guide which patients respond to specific cancer therapy
Lunit is focused on the development of AI-powered diagnostic tools for cancer screening. (Credit: fernando zhiminaicela from Pixabay)
Medical AI provider Lunit has secured $61m in its pre-IPO fundraising round from major global healthcare investors.
The funding round saw participation from US healthcare investors HealthQuest Capital, Casdin Capital, and American Cancer Society BrightEdge, in addition to Asia-based global healthcare investors Tybourne Capital Management, and NSG Ventures.
Of the total funding capital, HealthQuest Capital has invested $20m.
In July, Lunit also secured a strategic investment of $26m from Guardant Health. With the latest pre-IPO round, the company’s total funding has reached to more than $135m.
The company is planning to issue an IPO to list on the South Korean stock market (KOSDAQ) early next year.
Lunit CEO Brandon Suh said: “It is a great pleasure to be successfully closing this round, consisting of major biotech investors. It is a result of hard work throughout the years to establish ourselves as one of the leading medical AI companies in the world.
“Our purpose of the last few investment rounds has been to find partners who would bring strategic value for our future endeavours. Through these partnerships we look forward to reinforcing our journey to conquer cancer through AI.”
Established in 2013, Lunit is involved in the development of AI-powered diagnostic tools for cancer screening.
The company is also focused on the development of biomarkers to precisely predict and guide which patients respond to specific cancer therapy.
Lunit INSIGHT, the company’s radiology solutions for chest x-ray and mammography, is commercially available in more than 30 countries in partnership with various medical device makers such as GE Healthcare, Philips, and FujiFilm.
Recently, Lunit INSIGHT has also secured approval from the US Food and Drug Administrtaion (FDA) to commercialise in the country.