Korean AI-Medical startup Lunit gets preliminary approval for an IPO on the South Korean KOSDAQ market. The company plans to submit a listing within the first half of 2022. Lunit intends to use the proceeds of the IPO to develop its AI work and expand its global reach. The Seoul-based startup has become the first healthcare company in South Korea to get an AA-AA technology rating, which is a requisite for a special listing track in the KOSDAQ.
Founded in 2013, Lunit develops products that include AI programs for analyzing breast mammograms and tissue slides for cancer biomarkers and scanning X-ray images for common chest conditions. Its flagship products are Lunit INSIGHT, an AI image analysis tool for screening cancer, and Lunit SCOPE, an AI biomarker platform for cancer treatment.
Global collaborations & technology upgrade
Lunit collaborates with Medtechs such as GE Healthcare, Philips and Fujifilm for its AI tools supply to about 600 medical sites in over 40 countries worldwide. In July 2021, Guardant Health invested $26 million in Lunit and signed an exclusive biomarker business contract focused on identifying patients who may benefit the most from specific immunotherapies.
Lunit continues to expand its operations overseas by acquiring Medical Device Single Audit Program certificates in the US, Canada, Japan, Australia, and Brazil. In November 2021, Lunit INSIGHT products for chest x-ray and mammography secured their FDA clearances. Lunit INSIGHT CXR Triage analyzes scans for suspected conditions, such as a critical build-up of fluid or a collapsed lung. It then alerts clinicians of urgent cases. Lunit INSIGHT MMG helps spot suspicious lesions that could be a sign of breast cancer.
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- Korean AI-Medical startup Lunit partners with Philips for its diagnostic X-Ray solution
- Korean Medical AI startup Lunit secures $26 million funding for global expansion
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