AI Medical Service Inc., Secures $42.9M in Series B Funding
Endoscopy AI startup, backed by Globis Capital Partners, World Innovation Lab (WiL) and Sony Innovation Fund by IGV, plans to further develop technology, promote clinical trials and expand overseas
TOKYO, Oct. 4, 2019 /PRNewswire/ -- AI Medical Service Inc., one of the world's first real-time endoscopic artificial intelligence (AI) developers, today announced that it has raised approximately $42.9 million USD in Series B funding from Globis Capital Partners, World Innovation Lab (WiL) and Sony Innovation Fund by IGV (Innovation Growth Ventures), as well as additional third-party allocations. Following the last funding round in August 2018 of over $9 million USD from the Incubate Fund, this brings the company to approximately $57 million USD raised since its founding in 2017.
The company intends to use the latest funding for the promotion of clinical trials, to further the development pipeline, acquisition of expert personnel, investment in equipment and overseas expansion. Through further development of its technology, the company hopes to accelerate towards regulatory approval and contribute to the development of endoscopic medical care worldwide.
Dr. Tomohiro Tada, CEO of AI Medical Services, says, "Our company was founded on the desire to solve issues with endoscopies in the clinics. 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. In order to commercialize and deliver these products to society as soon as possible, we will make effective use of the procured funds. As our founding philosophy states, we plan to contribute to endoscopic medical treatment around the world."
AI Medical Service develops AI technology that brings together the wisdom of Japanese endoscopic specialists and supports endoscopic examinations of gastrointestinal organs, such as the esophagus, stomach, small intestine and large intestine.
Satoshi Fukushima, Director of Globis Capital Partners says, ''We foresee an irreversible trend of doctors diagnosing cancer in collaboration with AI in the near future. Supported by the world's leading medical institutions and specialists in the field, and led by experienced management, the endoscopy AI developed by AIM has huge potential to help endoscopists and patients globally.''
Masa Matsumoto, General Partner of WiL says, ''Endoscopic treatment is a medical field that needs to be promoted in society because it leads to the improvement of diagnostic accuracy of diseases. However, the industry is facing key hurdles including long hours required for analysis and a shortage of human resources. AI Medical Service, which offers endoscopic AI to solve these problems, partners with many leading medical institutions in Japan and possesses the largest number of endoscopic images and thesis data. I believe AI Medical Service will be one of the world-leading companies, given the high barriers to entry into the market in which there are few players and Japan has an advantage, and the company's focus on the global market since its inception.''
Gen Tsuchikawa, Chief Investment Officer, Sony Innovation Fund by IGV says, "The AI Medical Service team is not only powered with exceptional software engineering, but authoritative doctors in the endoscopy space. They have seen great advancements in both research and technology that will contribute to providing cutting-edge innovation in the field. We are confident that AI Medical Service will provide breakthrough solutions for various medical institutes and endoscopy doctors that will greatly improve the standard of treatment across the global market."
About AI Medical Service, Inc.
AI Medical Service, Inc. collaborates with approximately 80 medical institutions representing Japan in the field of gastrointestinal endoscopy to research and develop AI endoscopies. The results have been widely accepted by experts all over the world, including the conference for Digestive Disease Week (DDW), the world's largest gastroenterology association, in which as many as 12 studies by AI Medical Service were selected for presentation including the one awarded as "Best of DDW." The company will enable the practical use of these technologies at an early stage and will contribute to the world's endoscopic medical practice by supporting physicians' diagnoses, thereby reducing the risk of overlooking diseases to the highest extent possible. To learn more, please visit, https://ai-ms.com/en
AI Medical Service Inc. Corporate Communications
Contact page: https://ai-ms.com/en/contact/
SOURCE Sony Innovation Fund; AI Medical Service, Inc.
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