Lunit, a Korean AI startup that develops medical image analytics and data-driven imaging biomarkers, has raised a $26 million Series C funding round from local and Chinese investors.
This is Lunit’s biggest funding round, the company said. It has earlier raised $4.3 million from Fujifilm and a $15-million Series B funding last year. Founded in 2013, Lunit has to date raised $50 million in total. Investors of previous rounds include SoftBank Ventures Asia and Silicon Valley-based Formation 8.
Offering AI solutions for precision diagnostics and therapeutics, Lunit particularly focuses on dealing with cancer. The startup said it will use the new capital to accelerate the global sales of its AI software for chest and breast radiology and support the advancement of R&D in oncology/pathology pillar.
Lunit’s products are currently used in Mexico, the United Arab Emirates, China, Thailand, Taiwan, and Korea. The company claimed it has analysed more than 2.5 million radiology images.
Medtech has become a growing trend across Asia Pacific, with investments in the sector reaching nearly $5 billion in 2019, according to a Galen Growth report. Last year’s average deal size was $14.6 million, up 12 per cent compared to 2018 and 51 per cent vs 2017, reflecting a maturing funding pipeline, the report said.
South Korea ranked third in terms of deal share and total deal value (at $241 million) in the APAC region, following China and India. In terms of segment category, medical diagnostics led in terms of deal volume with 60 investments recorded across APAC.