Tokyo endoscope AI developer raises $43M for image analysis software

In Silico
AI Medical Service plans to use its latest proceeds to bring on more staff and equipment as it eyes regulatory submissions as well as to fuel its expansion overseas. (Pixabay/Geralt)

AI Medical Service, a Tokyo-based developer of artificial intelligence programs that analyze endoscopy images for potential diagnosis in real time, has raised about $43 million to help support its clinical trials and the commercialization of its products.

The series B round included funds from Globis Capital Partners, World Innovation Lab and the Sony Innovation Fund by Innovation Growth Ventures as well as additional backers. The company previously raised more than $9 million in August 2018 from the Incubate Fund.

“Our company was founded on the desire to solve issues with endoscopies in the clinics,” CEO Tomohiro Tada said in a statement. “In January 2018, we published the world's first article on AI in gastric cancer in cooperation with the Joint Research Group and have since published a number of scientific articles on topics including AI in esophageal cancer, colorectal cancer, and capsule endoscopy AI.”

Webinar

How ICON, Lotus, and Bioforum are Improving Study Efficiency with a Modern EDC

CROs are often at the forefront of adopting new technologies to make clinical trials more efficient. Hear how ICON, Lotus Clinical Research, and Bioforum are speeding database builds and automating reporting tasks for data management.

AI Medical Service also plans to use the latest proceeds to bring on more staff and equipment as it eyes regulatory submissions as well as to fuel its overseas expansion.

“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 World Innovation Lab general partner Masataka Matsumoto. “However, the industry is facing key hurdles including long hours required for analysis and a shortage of human resources.”

AI Medical Service has also partnered with medical institutions in Japan to build a large database of endoscopic images and data, Matsumoto said.

Suggested Articles

Pfizer’s 2017 spinout company SpringWorks has lost president and founder Lara Sullivan, M.D., who has moved over to Pyxis Oncology as its new chief.

The drug, Compass Pathways’ COMP360, came through the placebo-controlled phase 1 without setting off any safety alarms.

Kite hopes to win approval for KTE-X19 in mantle cell lymphoma on the strength of midphase results linking it to a 67% complete response rate.