Japan-based endoscopy technology developer AI Medical Service has received approximately $42.9m in a series B round backed by consumer electronics producer Sony and education provider Globis.
The round included venture capital firm World Innovation Lab and undisclosed additional participants. The corporates invested through Globis Capital Partners and Innovation Growth Ventures, the vehicle launched by Sony subsidiary Sony Innovation Fund and investment bank Daiwa Securities in July this year.
Founded in 2017, AI Medical Service is working on artificial intelligence-powered software that will assist in gastric cancer endoscopies, where a tube is inserted into the patient’s digestive tract to check for signs of the disease.
The company’s software applies deep-learning convolutional neural networks to evaluate endoscopic imagery for cancerous lesions and support diagnoses that may be missed with conventional technology.
The series B proceeds will support efforts to secure regulatory approval in Japan, funding clinical trials, recruitment and purchases of technical equipment.
The cash will also be used to prepare for international expansion and develop the rest of AI Medical Service’s product pipeline. It has now received about $57m in total, including more than $9m supplied by VC firm Incubate Fund in August 2018, it said.
Gen Tsuchikawa, chief investment officer at Sony Innovation Fund, said: “The AI Medical Service team is not only powered with exceptional software engineering, but authoritative doctors in the endoscopy space.
“They have seen great advancements in both research and technology that will contribute to providing cutting-edge innovation in the field.”