Radiology AI firm AIRS Medical raises $20M in Series C financing
Radiology artificial intelligence firm AIRS Medical has raised $20 million in new capital, the Seoul-based company announced recently.
Seven institutional investors in Korea led the Series C financing round, among them, BSK Investment and Shinyoung Securities. Founded in 2018, the company’s flagship product, SwiftMR, is a deep learning solution that helps providers reduce scan times while maintaining image quality.
“We're thrilled to receive this substantial support from our investors," Hyeseong Lee, CEO of AIRS Medical, said in a July 10 announcement. “This funding will empower us to increase access to preventive healthcare services and create a healthier future for people around the globe.”
AIRS Medical claims imaging centers that implement its solution can increase patient throughput by 38% while reducing business hours by 22%. This can achieve an average of $44,000 in additional revenue and $8,000 reduction in monthly operating costs, according to the announcement. SwiftMR first launched in the Korean market in 2021 and last year spread to the U.S. and Europe. The latter two geographies now account for over 50% of the company’s annual recurring revenue.
Lee and colleagues said they plan to use the funds to expand into additional markets and invest in research and development. AIRS Medical Previously raised $20 million in Series B funding in 2022.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.