Arterys, a US-based developer of artificial intelligence (AI)-assisted medical imaging software, has closed a $28m series C round featuring radiation cancer care product supplier Varian Medical Systems and diversified conglomerate Fosun.
The round was co-led by Singaporean government-owned investment firm Temasek and Benslie Investment Group – a vehicle run by investment office EMC2 Fund – and included investment firms Emergent Medical Partners and Revelation Partners.
Founded in 2016, Arterys markets a cloud-based platform where radiologists can use artificial intelligence to process and analyse scans of medical images in order to improve the speed and accuracy of diagnostics.
The platform can function as a single graphical interface for Arterys products and third-party medical diagnostics that can be accessed through its software marketplace.
The funding will go to expanding the company’s third party-focused offering, helping to build up connections between product developers and clients such as healthcare providers.
Arterys closed a $30m series B round in 2017 backed by Fosun and Varian Medical in addition to GE Ventures, a subsidiary of industrial equipment and appliance maker General Electric, and care providers NewYork-Presbyterian and Northwell Health, the latter through Northwell Health Ventures.
Temasek, Emergent Medical Partners and Ori Capital also took part in the round, Emergent having led a $12m series A the year before with contributions from GE Ventures, Stanford-StartX Fund, AME Cloud Ventures, Norwich Ventures, Asset Management Ventures and Morado Ventures.