South Korean AI startup Lunit has acquired regulatory clearances from Well being Canada for its AI options for radiology.
In response to a press assertion, each its chest x-ray resolution INSIGHT CXR and mammography software program INSIGHT MMG are actually accepted for industrial launch in Canada.
INSIGHT CXR can detect 10 of the commonest chest abnormalities with 97%-99% accuracy whereas INSIGHT MMG analyses mammography photos with 96% accuracy.
WHY IT MATTERS
The Canadian medical machine market is likely one of the largest on this planet. Its worth is projected to extend to $9.2 billion in 2024 from $7.2 billion in 2019. Canada additionally has an ageing inhabitants with the variety of individuals aged 65 and above seen to make up 23% of its whole inhabitants in 2031.
THE LARGER TREND
This newest regulatory clearance follows the approvals issued by the US Meals and Drug Administration to the identical Lunit AI options final 12 months. CEO Brandon Suh mentioned they may make a “full-fledged entry” into the North American market following these approvals.
In different information, Lunit simply filed final week a registration assertion with the Korean Change for an preliminary public providing in July. The corporate plans to situation a complete of 1.12 million shares value between $34-$38 apiece. Forward of the IPO, Lunit launched in November a fundraiser the place it raised $61 million.