AI Medical Service said today that it raised nearly $43 million in Series B funding, bringing its total funding close to $60 million over the past three years.
The Tokyo-based company said that, combined with the more than $9 million it raised in an August 2018 financing round, it has raised approximately $57 million since it was founded in 2017.
AI Medical Service said the latest round of $42.9 million will be put toward the promotion of clinical trials, the furthering of its development pipeline, hiring new personnel, investment in equipment and overseas expansion. The company said it hopes to take the steps toward regulatory approval of its product portfolio.
AI Medical develops artificial intelligence technology designed to support endoscopic examinations of gastrointestinal organs, specifically the esophagus, stomach and the small and large intestines.
Globis Capital Partners, World Innovation Lab and Sony Innovation Fund by Innovation Growth Ventures were the leaders on the investment, along with additional third-party allocations.
“Our company was founded on the desire to solve issues with endoscopies in the clinics,” AI Medical Services CEO Dr. Tomohiro Tada said in prepared remarks. “In January 2018, we published the world’s first article on AI in gastric cancer in cooperation with the Joint Research Group and have since published a number of scientific articles on topics including AI in esophageal cancer, colorectal cancer, and capsule endoscopy AI. In order to commercialize and deliver these products to society as soon as possible, we will make effective use of the procured funds. As our founding philosophy states, we plan to contribute to endoscopic medical treatment around the world.”
”We foresee an irreversible trend of doctors diagnosing cancer in collaboration with AI in the near future,” added director of Globis Capital Partners Satoshi Fukushima. “Supported by the world’s leading medical institutions and specialists in the field, and led by experienced management, the endoscopy AI developed by AIM has huge potential to help endoscopists and patients globally.”