Harrison.ai, a Sydney-based company that creates medical devices with AI technology, today announced it has raised A $ 129 million (roughly US $ 92.3 million) in what it says is one of the biggest B Series towers ever made for an Australian healthcare tech company.
The funding was led by historic investor Horizons Ventures and included participation from new investors, Sonic Healthcare and I-MED Radiology Network. Existing backers Blackbird Ventures and Skip Capital also returned for the round, bringing the total raised by Harrison.ai over the past two years to A $ 158 million.
Harrison.ai announced that it has also formed a joint venture with Sonic Healthcare, one of the world’s largest providers of medical diagnostics, to develop and commercialize new clinical AI solutions in pathology. The partnership will first focus on histopathology, or the diagnosis of tissue diseases.
This follows another Harrison.ai joint venture formed with I-MED Radiology in early 2020, creating Annalize.ai to develop AI-based radiological diagnostic aids.
Harrison.ai CEO Dr Aengus Tran told TechCrunch he became a doctor to help as many people as possible. âAs I became more interested in artificial intelligence, I fell in love with the idea of ââusing AI to help more people than I could in my entire life. “
Harrison.ai was started with his brother Dimitry to evolve the global capacity for quality healthcare by empowering clinicians with AI-powered tools. Dr Tran said Annalize.ai has been able to launch its first regulatory-approved product in 18 months, an AI tool that detects clinical findings on chest x-rays.
The funding will also be used to hire more AI data scientists and engineers and form clinical partnerships around the world to expand into new areas of health. Harrison.ai says its AI-based technology can help improve the diagnostic process in places where there is a shortage of healthcare.
âCOVID has intensified the inequalities and struggles that the global health system already faces, especially in critical areas like radiology and pathology,â said Dr Tran. âOver the past decade and more, we have witnessed a critical shortage of radiologists in both developed and developing markets, and this has only worsened as COVID has resulted in further skills shortages and a backlog. elective procedures and requirements. “
He added that Harrison.ai’s AI-based technology is designed to help evolve healthcare systems and is not meant to replace clinicians. âWe empower them to make critical healthcare decisions quickly and at scale, with the help of artificial intelligence. “
Harrison.ai currently has teams in Australia, UK and Vietnam, and plans to expand to other countries soon. Its products are ready to be marketed in Australia, the UK, Europe and some Asian countries, Dr Tran said. The company’s goal is to expand into other markets, with the goal of helping one million patients per day.