Intel Capital backs China healthcare AI business
Intel Capital has led an investment of undisclosed size in Huiyi Huiying, a Chinese medical imaging technology developer that uses artificial intelligence (AI).
Other contributors included Beijing Singularity Power Investment Fund. It marks the first investment in China’s medical AI segment for both firms. Earlier this year, Intel and Huiyi Huiying announced they would develop an AI and cloud-based platform to support breast cancer screening and treatment.
Previous backers include Delta Capital, BlueRun Ventures, Yield Capital, and CDH Investments, the latter of which made an investment of undisclosed size in January. According to AVCJ Research, Delta committed $30.2 million to the company last year.
“Huiyi Huiying is a leading company in the development and implementation of AI in the medical sector,” Anthony Lin, a managing director at Intel Capital International, said in a statement. “We believe data combined with smart technology applications can help address major challenges within the medical industry and we look forward to working with Huiyi Huiying to find AI-led solutions that contribute to improved health outcomes."
Founded in 2015, Huiyi Huiying describes itself as China’s only high-tech innovation company that covers the “full medical process,” including diagnosis, treatment, and scientific research. The start-up claims its technology takes only five seconds to analyze an image and reach the same conclusions as a senior doctor. It collaborates with 800 medical institutions on various projects, including hospitals, schools, and industry associations.
Recent activity in this space includes a $47 million investment in Beijing Infervision, a company that uses AI and computer vision to detect lung cancer lesions. Last year, there was a $30 million round for 12 Sigma, which also focuses on lung cancer detection and has partnered with General Electric to develop diagnosis products for tumors and cardiovascular disease.
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