Insurance group Ping An has led a $15m funding round for US-based lung disease-detection system developer Riverain Technologies through its Global Voyager Fund, participating alongside investment firm Marjo Investments.
Riverain has developed imaging software that utilises artificial intelligence to help clinicians detect anomalies in x-rays and CT scans that could be signs of lung cancer. The cash will go to the development of additional products targeting the body’s thoracic region.
The company was founded by the Mathile and Glennon families. It has not disclosed details of its previous financing.
Mike Mathile, Riverain’s chairman, said: “Adding the global reach of the Ping An Global Voyager Fund will allow us to more rapidly expand our product development efforts and deploy our technology to patients across the globe.”
