Lunit receives $150M capital chip-in, doubles down on US market
Summary
"Were eager to use these funds to advance our innovative products, explore new pharmaceutical avenues, and recruit global talent," said CEO Brandon Suh.Lunit is increasing its focus on the US market, which reports one of the highest cancer cases in the world today. Driven by high cancer incidence and mortality, cancer diagnostics in the US was valued at $31 billion last year; Precedence Research projects it to be worth $70 billion by 2032, growing at 8.4% CAGR.A day before it announced its significant capital raise, Lunit disclosed that it received the US FDA approval for its AI 3D Breast Tomosynthesis (DBT) solution. The 510(k) clearance for Lunit INSIGHT DBT a solution that automatically analyses 3D DBT images to spot breast cancerfollows similar clearances for the Lunit INSIGHT CXR and MMG, which were both obtained in 2021.The 3D DBT analysis solution has also been CE-marked under the latest Medical Device Regulation since March.Last week, Lunit participated in the inaugural project of the White Houses CancerX initiative, a catalogue showcasing solutions for cancer screening and diagnosis, treatment and end-of-life care, and survivorship. The company is a founding member of the said initiative.Over the past 12 months, Lunit went around the US to promote and integrate its AI solutions and secure multiple partnerships, including with CARPL.ai and its investor Guardant Health.Besides the US and Europe, Lunit has also particularly set its sights on the Middle East. The healthcare network SEHA in the United Arab Emirates has also tied up with Lunit to test out its solutions.
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