AI Medical Service Raises $42.9M for Endoscopy Tech

Samara Rosenfeld
OCTOBER 04, 2019
AI
Photo/Thumb have been modified. Courtesy of peshkova - stock.adobe.com.

AI Medical Service today announced it raised approximately $42.9 million in Series B funding to advance research and development for artificial intelligence (AI) endoscopies.

The company will use the funding to promote clinical trials, further the development pipeline, acquire more expert personnel, invest in equipment and expand overseas. Further development of its AI technology could allow the company to accelerate towards regulatory approval and improve endoscopic medical care worldwide.

AI Medical Service develops AI technology to improve endoscopic specialists’ diagnosis of gastrointestinal issues in the esophagus, stomach and intestines. Its endoscope AI image analysis software uses training data to analyze endoscope images to support specialists.

“Endoscopic treatment is a medical field that needs to be promoted in society because it leads to the improvement of diagnostic accuracy of diseases,” said Masa Matsumoto, general partner of World Innovation Lab, an investor in the funding round. “However, the industry is facing key hurdles including long hours required for analysis and a shortage of human resources.”

The Tokyo-based company offers its endoscopic AI solution to solve these problems and partners with leading medical institutions to achieve strong results, Matsumoto added.

“The AI Medical Service team is not only powered with exceptional software engineering, but authoritative doctors in the endoscopy space,” said Gen Tsuchikawa, MBA, chief investment officer at Sony Innovation Fund by IGV, another participant in the funding. “We are confident that AI Medical Service will provide breakthrough solutions for various medical institutes and endoscopy doctors that will greatly improve the standard of treatment across the global market.”

Additional funding came from Globis Capital Partners and third-party allocations. The funding brings the Tokyo-based company to $57 million raised since its founding in 2017.

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