South Korea-based medical imaging system developer Lunit has secured ₩30bn ($25.7m) in a series C round that included LG CNS and Kakao Ventures, subsidiaries of diversified conglomerate LG and internet company Kakao.
The round included Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, as well as Intervest, Shinhan Investment Corp and NH Investment & Securities.
Founded in 2013, Lunit has developed software capable of analysing medical images such as X-rays in real time. It plans to use the cash to expand its presence in the US and Europe.
Lunit’s CEO, Suh Beom-seok, said: “The investment will help us accelerate the global expansion of AI-based chest X-ray and mammography products, which have already proven efficacy both home and abroad. It will also speed up the development of AI applications in the field of oncology.”
Intervest led Lunit’s $15m series B round in July 2018, investing with Kakao Ventures, Legend Capital, Softbank Ventures Asia and KT Investment – part of telecommunications firms SoftBank and Korea Telecom – as well as Mirae Asset Venture Investment and Formation 8.
The company had raised $3.5m in a 2016 series A round featuring Formation 8 and $2m in a seed round featuring SoftBank Ventures Asia the year before. Its investors include imaging technology producer Fujifilm.
