Korean medtech startup Lunit bags $26m in Series C funding

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.

Shinhan Investment led the financing, followed by InterVest, IMM Investment, Kakao Ventures and China’s Legend Capital.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.