AI Medical Service raises $42.9 Series B for AI-based software that checks endoscopy scans for signs of cancer
AI Medical Service, a Tokyo-based company developing AI-based software to help detect gastric cancer, announced today that it has raised a $42.9 million Series B. Investors include Globis Capital Partners, World Innovation Lab and Sony Innovation Fund by IGV. The funding will be used for clinical trials of its software, which looks for signs of cancer in real-time during endoscopies, product development and overseas expansion.
This brings AI Medical Service’s total funding so far to $57 million, including a previous round of $9 million from the Incubate Fund in August 2018. Founded in 2017, the company’s software focuses on signs of cancer in gastrointestinal organs, including the esophagus, stomach and intestines, with the goal of reducing the amount of hours doctors and other health professionals need to spend going over scans. AI Medical Service is currently collaborating with 80 medical institution on joint research for regulatory approval of its products.
Dr. Tomohiro Tada, CEO of AI Medical Service, told TechCrunch in an email that the world market for endoscopy is growing by 10% every year, with Japanese manufacturers holding about a 70% market share. For its expansion strategy, Tada says the company will initially focus on other Asian countries, including
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