VCs in $47m round for Chinese AI medical imaging firm
Beijing Infervision, a Chinese company that develops medical imaging technology empowered by artificial intelligence (AI), has raised RMB300 million ($47 million) in funding from investors including Xianghe Capital.
Advantech Capital, Genesis Capital, Sequoia Capital China and Qiming Venture Partners also participated. The company has earmarked the proceeds for commercialization and clinical trials of its products, as well as overseas expansion.
Established in early 2016, Infervision uses deep learning technology and computer vision to help diagnose cancer. For example, its AI-based screening solution can detect suspicious lung cancer lesions in CT scans, potentially facilitating early treatment for patients. The company has also launched a deep learning research platform that it claims can process over 100 high-resolution medical images within a few seconds.
Infervision’s technology has been used in 32 large hospitals in major cities in China, including Peking Union Medical College Hospital and Shanghai Changzheng Hospital. In addition, the company is working with GE Healthcare, Cisco and Nvidia to develop and refine its technology.
According to AVCJ Research, the company raised a seed round from Innovation Angel Funds and PowerCloud Venture Capital in 2016. It then received a RMB50 million Series A round in January 2017, led by Sequoia. Eight months later, Qiming led a RMB120 million Series B round for the company, with participation from Sequoia and Genesis Capital.
Other PE investment activity in this space includes CDH Investments’ commitment in Beijing-based Huiyi Huiying and a RMB200 million round for 12 Sigma, led by SBCVC. Each company applies AI technology to medical image diagnoses.
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