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AI Healthcare Company Lunit Raises $15 Million in Series B Funding Round

Latest Round Secured as Lunit Aims for Global Growth; Legend Capital and Formation 8 Joins as Investor

SEOUL, KOREA – July 16, 2018 — Lunit, an AI healthcare startup company that uses deep-learning technology in medical imaging, today announced its Series B raise of $15 million.

The round was led by Intervest, joined by Softbank Ventures, Kakao Ventures, Mirae Asset Venture Investment, KT Investment(Korea Telecom) and others—a total of 7 international venture capital investors. Legend Capital, China’s renowned venture capital firm newly joined the funding round and an investor from series A, Formation 8, based in Silicon Valley, made an additional investment.

The investment underscores the recent global recognition of the Korea-based company, as well as Lunit’s successful achievements made in the international stage for its top-notch technology. Lunit was chosen by CB Insight as <100 AI Startup> in 2017, and also was listed as “Top 5 AI startups for social impact” by NVIDIA. Lunit ranked top in international competitions such as ImageNet (5th place, 2015), TUPAC 2016 (1st place), and Camelyon 2017 (1st place, post-reopening), surpassing top companies like Google, IBM, and Microsoft.

“The investment and support from the investors were key to our development of medical AI and its global recognition,” said Anthony Paek, CEO of Lunit. “We will now accelerate the market release of our developed products and step up to become a company that can help alleviate sufferings of patients and families from various diseases.”

Lunit has earmarked the capital to fuel growth in AI healthcare software, build new deep-learning technology in medical imaging, expand business operations and acquire new talents.

“We have witnessed quantum jumps in the AI field in the last few years, being applied in different domains. The medical field is not an exception,” said Joon Sung Park, Managing Director at Legend Capital. “We paid close attention to Lunit’s vast and advanced medical imaging data, the accuracy of the algorithm, the excellence of the team and other factors. We would like to support Lunit in their global expansion through providing opportunities to cooperate with our portfolio companies.” According to Park, Legend Capital had also invested in Deep Informatics and Deepwise, both China’s AI start-ups, and Careray, one of China’s well-known X-ray manufacturer.

Lunit is set to present its upcoming business plans at <SoftBank World 2018>, which will be held on July 19 at Tokyo, Japan. “It is encouraging that Lunit is being globally recognized,” said Junpyo Lee, CEO of SoftBank Ventures. “Lunit is one of the most promising companies that we closely watch.”

About Lunit

Founded in 2013, Lunit aims to contribute immensely to the medical advancement, using artificial intelligence technology. Lunit develops “Data-driven Imaging Biomarker” (DIB) technology which detects and analyzes important diagnosis from medical images, empowering healthcare practitioners to make more accurate, consistent and efficient clinical decisions. 

Lunit’s cutting-edge deep learning technology is an algorithm-based image recognition, which is acclaimed for its accuracy and objectivity in medical image diagnosis. Lunit is based in Seoul, South Korea.

July 16, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Health IT Expo Announces Dr. Rasu Shrestha, Chief Innovation Officer at UPMC, as Keynote Speaker

LAS VEGAS, January 30, 2018 – Healthcare Scene today announced that Dr. Rasu Shrestha, Chief Innovation Officer at UMPC will deliver the keynote at the Health IT Expo, May 30 – June 1 at the New Orleans Marriott.

With an exploding Health IT market, CIOs and IT teams are awash in technology solutions. There are apps to solve every patient engagement challenge, systems to address every infrastructure bottleneck and platforms designed to overcome every clinical issue. There are even emerging technologies that solve problems we haven’t imagined yet.

Paradoxically, finding the right solution and speaking to someone that has already dealt with the same problem has never been harder. To help healthcare CIOs and their teams solve today’s healthcare challenges and to find answers to their critical questions, Healthcare Scene has organized the 2018 Health IT Expo (HITExpo18).

This one-of-a-kind event, takes place May 30 – June 1 at the New Orleans Marriott. Rather than focus on pie-in-the-sky technologies, HITExpo18 focuses on practical innovation and collaboration. Leading minds from healthcare organizations and proven HealthIT companies will gather for two days of intense knowledge sharing and problem solving.

Dr. Rasu Shrestha, Chief Innovation Officer at UMPC will deliver the keynote address at HITExpo18.

“Here’s what we need in healthcare: more bridges and fewer silos. I am really excited to be part of this unique extravaganza that is HITExpo. HITExpo’s focus on practical innovation is truly refreshing and a needed counter-balance to the other health IT conferences. I am especially looking forward to collaborating with my peers. The time to come together in meaningful ways and solve for some of healthcare’s most pressing issues is now.”

As Chief Innovation Officer, Dr. Shrestha is responsible for driving UPMC’s innovation strategy, serving as a catalyst in transforming the organization into a more patient-focused and economically sustainable system. A cross-functional team collaborator, he is committed to preparing and empowering UPMC for the future of health care. By driving alignment among stakeholders, championing new technologies, and tearing down organizational roadblocks, he creates an environment that accelerates idea generation and the conversion of ideas into reality.

In addition to leading innovation at UPMC, Dr. Shrestha also serves as Executive Vice President of UPMC Enterprises, pushing the needle in the pursuit of a unique blend of health care intelligence, technology expertise, and entrepreneurial drive to develop inventive and commercially successful solutions that address complex health care challenges. Dr Shrestha leads a team of over 200 technology professionals innovating towards intelligent health care, building patient-centric, value-based technology solutions that are transforming the industry. Through strategic partnerships, investments in start-ups and co-creation efforts, he champions the development, implementation, and commercialization of these innovations.

“We’re happy to have Dr. Shrestha as the keynote of the inaugural Health IT Expo. Dr. Shrestha understands how to bring real practical innovation to healthcare. He has a real understanding of the end user experience and how healthcare IT can both benefit and hinder that experience,” said John Lynn, Founder of Healthcare Scene and Health IT Expo. “Dr. Shrestha’s insights and perspectives will be invaluable to those healthcare IT professionals who attend Health IT Expo.”

In addition to Dr. Shrestha’s keynote, 40 other thought leaders and solution experts will be delivering/moderating sessions on these hot topic areas:

  • Security and Privacy
  • Healthcare Analytics
  • Communication and Patient Engagement
  • IT Dev Ops
  • Operational Alignment and Support

For more information about HITExpo, visit the conference website at www.expo.health

About Health IT Expo
The inaugural healthcare IT expo and conference is a unique venue for healthcare IT professionals to collaborate and improve healthcare using technology. Join us May 30 – June 1, 2018 in New Orleans as health IT professionals learn practical innovations during 40+ sessions that improve healthcare organization and lower costs.

About Healthcare Scene
The HealthcareScene.com network was launched in 2005 and currently consists of 5 blogs and resources containing over 12,500 articles. These EMR, EHR, and Healthcare IT related articles have been viewed over 18 million times.  Along with these leading healthcare IT blogs, Healthcare Scene is also home to the leading healthcare IT career resources HealthcareITCentral.com and HealthcareITToday.com. Plus, Healthcare Scene also organizes the extremely popular Health IT Marketing and PR Conference and Health IT Expo.

January 30, 2018 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Prognos, Healthcare AI Company, Raises $20.5 Million Towards Predicting Disease the Earliest

Cigna, GIS Strategic Ventures, Hermed, Hikma Ventures, Maywic, Merck GHI Fund, and Safeguard Scientifics bet on Prognos to revolutionize healthcare by driving earlier decisions that improve patient health and lower costs

NEW YORK, November 30, 2017 — Prognoswww.prognos.ai, an innovator in applying artificial intelligence (AI) to clinical lab diagnostics, has completed a $20.5 million Series C round of financing, bringing the company’s total funding to $42 million. The investors include CignaGIS Strategic Ventures (the venture capital arm of the Guardian Life Insurance Company), Hermed,  Hikma VenturesMaywicMerck Global Health Innovation Fund (GHI), and Safeguard Scientifics. The support validates Prognos’ leadership position in the market as the only healthcare AI company capable of delivering forward-looking and real-time insights based on laboratory and diagnostics records.

Building on Prognos’ seven-year foundation, the Series C financing will help the company meet highly targeted growth goals in the Life Sciences and Payer markets. Prognos’ solutions enable earlier identification of patients who can benefit from enhanced treatment decision-making, risk management, and quality improvement. The company is currently helping 25 Life Sciences brands to find and convert appropriate patients while building a footprint in the payer market.

“For Prognos, Series C is a focused and disciplined effort to build on our success to scale the business as we pursue our mission of predicting disease earlier to drive better outcomes for patients,” said Sundeep Bhan, Cofounder and CEO of Prognos. “We view this round as a vote of confidence from the healthcare giants and global investment firms that understand the space well and believe that Prognos can continue to lead in providing early insights to deliver better patient care and lower costs.”

The new funds will go toward expanding Prognos’ AI capabilities, new markets, and sales and marketing efforts. To date, Prognos has built the largest lab connectivity network in the U.S., processed and analyzed over 13 billion lab records for more than 180 million patients, and developed 1,000+ proprietary machine learning-enabled algorithms across 50 conditions, such as diabetes, asthma, and non-small cell lung cancer, for the lab data management and analysis. Within the last year, Prognos has also bolstered its leadership team with the additions of Chief Operating Officer Lisa Kerber, Chief Commercial Officer Stephen Silvestro and Chief Data Scientist Fernando Schwartz, Ph.D.

“The Life Sciences industry is increasingly structured around biomarkers and smaller populations where early diagnosis and treatment are key for improving outcomes,” said Joe Volpe, Managing Director, Merck GHI Fund. “Healthcare AI and the right kind of big data, such as lab and diagnostics data driving clinical decision-making, can enable us to predict which patients will benefit from a particular therapy. This round continues our investment into Prognos, the AI company that has demonstrated its capability to transform how the Life Sciences industry does business, now and in the future.”

Global health service company Cigna has been working with Prognos to use lab data and analytics to improve health engagement among its Individual and Family Plan customers.

“AI is a game changer in healthcare risk management,” said Craig Cimini, VP Strategy and Business Development at Cigna. “We have seen Prognos’ capabilities first-hand and believe health plans will greatly benefit from integrating real-time lab and diagnostics data intelligence to refine their approaches to risk adjustment, clinical quality, and care management.”

About Prognos

Prognos is a healthcare AI company focused on predicting disease to drive decisions earlier in healthcare in collaboration with payers, Life Sciences and diagnostics companies. The Prognos Registry is the largest source of clinical diagnostics information in 50 disease areas, with over 13B medical records for 180M patients. Prognos has 1000 extensive proprietary and learning clinical algorithms to enable earlier patient identification for enhanced treatment decision-making, risk management and quality improvement. The company is supported by a $42M investment from Safeguard Scientifics, Inc. (NYSE: SFE), Merck Global Health Innovation Fund (GHIF), Cigna (CI), GIS Strategic Ventures, Hikma Ventures, Hermed Capital, and Maywic Select Investments. For more information, visit www.prognos.ai.

November 30, 2017 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 5 blogs containing over 11,000 articles with John having written over 5500 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 18 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.