The South Korean AI startup Lunit has bagged $ 26 million in a Series C Tranche B financing round. The investment came from Guardant Health, a Nasdaq-listed precision oncology company.
WHAT IT DOES
Lunit was founded in 2013 and develops AI software in the oncology field. Its solutions are designed to help detect cancer and predict cancer treatment outcomes.
According to one of its technical solutions, the Lunit SCOPE tissue analysis platform, 50% more patients were identified who would respond to immunotherapy Presentation last month.
The company also has the INSIGHT line of AI products for chest x-rays and mammograms, which are used in over 270 medical facilities. They are approved for use in Europe and 35 other countries.
WHY IT IS IMPORTANT
Lunit did not specifically disclose where its recent investments will go, but said it will “help reshape and innovate the precision oncology landscape”. Alongside the announcement, it was reported that it will partner with an unnamed liquid biopsy company.
THE BIGGER TREND
Lunit most recently raised cash from the first tranche of its Series C financing round, which included Asian investors including Shinhan Investment, InterVest, IMM Investment, Kakao Ventures and Legend Capital of the Lenovo Group. It secured investments of $ 26 million.
The AI startup has also announced that it will continue its plan to file for an IPO on the Korean Stock Exchange “later this year”. The company first announced its IPO plan in 2018 and selected NH Investment Bank as its lead underwriter.
ON THE RECORD
“We are very excited to announce the investment and collaboration with Guardant Health. With our tissue phenomena AI technology and Guardant Health’s commitment to advancing our work, we look forward to making impactful changes in cancer diagnosis and treatment, ”said Lunit CEO Dr. Brandon Suh.
“We are very impressed with Lunit’s approach and believe that this investment will help them advance their critical AI work for later clinical use in improving patient cancer care,” commented Helmy Eltoukhy, CEO of Guardant Health.