AI startup Lunit

South Korean AI startup Lunit, which combats cancer through AI-powered imaging biomarkers, raised US$ 26 million in a Series C funding round on 20 July 2021.

Investors: Guardant Health, a Nasdaq-listed precision oncology firm invested in Lunit. The company had last raised cash from the first tranche of its Series C funding round with participation from Asian investors – Shinhan Investment, InterVest, IMM Investment, Kakao Ventures and Lenovo Group’s Legend Capital. To date, the company has raised US$ 72.5M in funding.

Purpose of the funding: With this latest investment, Lunit aims to help reshape and innovate the precision oncology landscape. It will also collaborate with an unnamed liquid biopsy company. 

About Lunit

Lunit

Founded in 2013 by Anthony Paek, Donggeun Yoo, Jungin Lee, Kyunghyun Paeng, Minhong Jang and Sunggyun Park, Lunit develops AI software in the oncology space. It provides solutions that are designed to discover cancer and predict cancer treatment outcomes. The word Lunit is an abbreviated form of “learning unit”. It aims for creating a system that would greatly help physicians make accurate, consistent and efficient clinical decisions, not limited to diagnoses. Lunit is engaged in various large-scale research partnerships with major university hospitals in Korea.

One of its tech solutions, it was found that the tissue analysis platform Lunit SCOPE can identify 50% more patients who would respond to immunotherapy. Lunit also has the INSIGHT line of AI products for chest x-rays and mammograms which are being used in over 270 medical institutions and have been approved for use in Europe and 35 other countries. 

Lunit revealed that it will continue its plan to file for an initial public offering at the Korean Stock Exchange later this year. It had first announced its IPO plan in 2018, tapping NH Investment Bank to be its lead underwriter.

What the CEO has to say: “We are more than delighted to announce the investment and collaboration with Guardant Health. With our AI technology in tissue phenomics and Guardant Health’s commitment to advancing our work, we are looking forward to making impactful changes in cancer diagnosis and treatment.” — Dr Brandon Suh, Lunit CEO.

What the investors have to say: “We’re very impressed with Lunit’s approach and believe this investment will help them advance their important AI work for eventual clinical use. Through this investment, we also expect to utilise their AI platform to usher in new precision oncology products that contribute in a meaningful way to improving cancer care for patients.” — Helmy Eltoukhy, Guardant Health CEO.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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