SBCVC, a corporate venturing vehicle for telecommunications group SoftBank, has led a RMB200m ($30.2m) series B round for US-based medical imaging technology developer 12 Sigma Technologies, China Money Network (CMN) has reported.
Investment firm Delian Capital, venture capital fund Zhen Fund and private equity firms CDBI Partners and Matrix Partners China also contributed to the round.
Founded in 2015, 12 Sigma is using deep learning and computer vision to power medical imaging technologies. It recently showcased its first product, a system that diagnoses an inflammatory disease called lung sarcoidosis, measuring data difficult to collect by current tools.
The company is working on technologies for gynaecology diseases and those that affect the central nervous system, liver, pancreas and prostate. It has also partnered conglomerate GE to jointly develop tumour, cardiovascular and CT scan products.
The round follows an undisclosed amount of series A funding 12 Sigma raised from VCs firm K2VC, Matrix and Zhen Fund in April 2017, according to China Money Network. It will use the new funding to expand its sales and research teams.
Peter Hua, managing partner at SBCVC, said: “12 Sigma is an innovative healthcare company with leading artificial intelligence technology and medical imaging applications. We believe the combination of medical imaging and AI will have huge potential.
“If the technology can be applied widely, the efficiency of radiologist doctors’ diagnosis will be improved and cost will be reduced. We hope 12 Sigma can grow quickly and help more patients.”