Globis, WiL, Japan Post back Series B for AI Medical
AI Medical Service, a Japanese healthcare technology start-up working on what it claims is the world’s first artificial intelligence-enabled endoscopic diagnosis system, has raised JPY4.6 billion ($43 million) in Series B funding.
Globis Capital Partners, World Innovation Lab (WiL), Sparx Group, and Sony Innovation Fund – which is managed by Innovation Growth Ventures – all participated. They were joined by Japan Lifeline, Japan Post Capital, Aflac Ventures, SMBC Venture Capital, and Daiwa Corporate Investment's venture and growth capital arm, among others.
AVCJ Research's records indicate this ranks among the five largest venture capital investments in Japan's biotech and medical technology space. The government-linked Innovation Network Corporation of Japan was the sole investor in three of the other four. The number of deals has risen markedly in recent years, with an annual average of more than 50 since 2016, but they tend to be small scale. A total of $184 million was invested in 2018 and $209 million the year before that.
AI Medical Service has now raised nearly JPY6.2 billion in the two years since its establishment. This total includes approximately JPY1 billion from Incubate Fund last year. The capital will go towards clinical trials, overseas expansion, equipment upgrades, and recruitment, according to a statement.
The company developing its image-based technology in collaboration with 80 medical institutions in Japan. The goal is to support faster and more accurate diagnosis of conditions affecting human digestive organs. Its initial focus is early gastric cancer, which is particularly prevalent in East Asia. Gastric cancer is the third most common cancer globally and the second most common cause of cancer death in Asia.
"Japan is a global leader in endoscopic medical care and [AI Medical Service] will continue to develop as artificial intelligence becomes an increasingly valuable tool for doctors," said Satoshi Fukushima, a director with Globis.
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