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.”
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.