AI company raises US$150m to advance cancer screening technology

The AI software development company Lunit has secured US$150m in capital increase to advance its cancer screening technology.

Lunit is a South Korean public company that develops medical AI software to help detect early-stage cancer and “optimise” cancer treatment.

The firm provides its tools to medical institutions around the world through partnerships with industry giants and says it is devoted to developing advanced medical image analytics and biomarkers to “conquer cancer” through AI.

The decision to initiate the capital raise was made during a board of directors meeting in August. Following the board resolution, the process was successfully concluded in November, with the fund fully paid in.

Lunit said NH Investment & Securities played a key role as the underwriter for the funding.

According to the company, the funds raised will be invested in several initiatives, including product development, recruitment, intangible asset acquisition as well as external investment.

This financial backing is hoped to enable the firm to “push medical intelligence to new heights”.

Brandon Suh, CEO of Lunit, said: “With our AI-powered solutions for cancer diagnostics and treatment support, we remain committed to leveraging technology to conquer cancer through AI.

“We’re deeply grateful for the support and trust from our shareholders. This US$150m capital increase reflects their faith in our mission and technology.

“We’re eager to use these funds to advance our innovative products, explore new pharmaceutical avenues and recruit global talent. Our commitment remains steadfast and we believe that every dollar invested in Lunit can make a significant impact in the fight against cancer.”

There were an estimated 18 million cancer cases around the world in 2020. Of these, almost nine million cases were in women.

According to the World Cancer Research Fund International, breast and lung cancers were the most common cancers worldwide, contributing 12.5 per cent and 12.2 per cent of the total number of new cases diagnosed in 2020.