AI-powered cancer solutions startup Lunit said it has raised a strategic investment of $26 million from Guardant Health, Inc., a precision oncology company.
Lunit Team during RSNA 2019 (File Photo via Twitter: @Lunit_AI)
Seoul Korea — AI-powered cancer solutions startup Lunit said it has raised a strategic investment of $26 million from Guardant Health, Inc., a precision oncology company.
Lunit which has closed its Series C Tranche B funding round is expected to file for an initial public offering on the Korean Stock Exchange later this year said the company.
At the American Society of Clinical Oncology (ASCO) 2021 annual meeting, the company presented that its tissue analysis platform, Lunit SCOPE, was able to find 50% more patients who would respond to immunotherapy, compared to traditional diagnostic pathology.
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“Artificial intelligence is rapidly gaining ground in cancer research and it’s exciting to see the excellent progress Lunit has made in developing innovative AI-powered radiology and pathology solutions that have the potential to significantly improve the diagnoses and treatment of cancer,” said Helmy Eltoukhy, Guardant Health CEO.
“We’re very impressed with Lunit’s approach and believe this investment will help them advance their important AI work for eventual clinical use. Through this investment, we also expect to utilize their AI platform to usher in new precision oncology products that contribute in a meaningful way to improving cancer care for patients,” Eltoukhy said.
We are thrilled to announce a groundbreaking partnership with @GuardantHealth! The deal includes strategic investment of $26 million from Guardant to #Lunit, intended to reshape and innovate the precision oncology landscape. #cancer#AIhttps://t.co/sBdSCFzD1O
“As one of the early starters and front-runners in this new and innovative field, we have been validating the effectiveness of Lunit SCOPE through various studies, and now we are pushing to show its value in clinical research and real practice,” said Brandon Suh, M.D., Chief Executive Officer of Lunit.
“We are more than delighted to announce the investment and collaboration with Guardant Health. With our AI technology in tissue phenomics and Guardant Health’s commitment to advancing our work, we are looking forward to making impactful changes in cancer diagnosis and treatment,” Suh added.
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