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 current investor Klim Ventures.
WHAT IT DOES
Based in 2018, the startup gives AI-based diagnostic assessments 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 12 months, 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 presently 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 expertise portfolio.
WHAT IT’S FOR
In response to a press launch, the startup’s newest funding will go to its world enlargement 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 america, Europe, Southeast Asia, and Latin America.
“By means of the Collection B funding we have secured, we shall be taking our progressive diagnostic options to the worldwide market,” stated CEO Hye-Seong Lee.
South Korea’s medical AI panorama is presently dominated by two firms which have lately gone public. Final 12 months, VUNO raised $33.6 million from its preliminary public providing. Since then it has acquired clearance from numerous regulatory businesses, in addition to partnerships to combine its AI medical imaging options.
In July this 12 months, Lunit debuted on the buying and selling board of the Korea Trade, 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 predicted to achieve $67 billion in worth by 2027 from $6.9 billion final 12 months, rising at a 46% CAGR.