Medical AI startup AIRS Medical from South Korea has raised $20 million in a Collection B funding spherical participated by its new traders Q Capital Companions and Hanwha Life and its present investor Klim Ventures.
WHAT IT DOES
Based in 2018, the startup gives AI-based diagnostic checks and robotic applied sciences that enhance each affected person and healthcare supplier expertise.
Its flagship product, SwiftMR, is an AI-powered MRI reconstruction software program that enhances MR photos. Since its launch final yr, the software program as a medical system has been utilized in greater than 130,000 MRI examinations in South Korea. The software program has been accepted by the South Korean Ministry of Meals and Drug Security and the US Meals and Drug Administration.
AIRS Medical can also be growing an automatic answer for venipuncture known as AIIV, which is at the moment being examined in medical settings in South Korea.
Since buying fellow South Korean AI startup artiQ in March, the corporate has added in-vitro diagnostics to its know-how portfolio.
WHAT IT’S FOR
In accordance with a press launch, the startup’s newest funding will go to its world growth efforts. By means of the help of each startup accelerator Born2Global and the KOSME-MATTER US Market Adoption Program, AIRS Medical has been introducing SwiftMR in the US, Europe, Southeast Asia, and Latin America.
“By means of the Collection B funding we have secured, we can be taking our progressive diagnostic options to the worldwide market,” mentioned CEO Hye-Seong Lee.
South Korea’s medical AI panorama is at the moment dominated by two corporations which have lately gone public. Final yr, VUNO raised $33.6 million from its preliminary public providing. Since then it has obtained clearance from numerous regulatory companies, in addition to partnerships to combine its AI medical imaging options.
In July this yr, Lunit debuted on the buying and selling board of the Korea Alternate, elevating $37 million. Previous to its IPO, the corporate has been securing contracts overseas to roll out its AI radiology options.
The world marketplace for AI in healthcare is anticipated to succeed in $67 billion in worth by 2027 from $6.9 billion final yr, rising at a 46% CAGR.