Private equity invests in radiology AI firm AIRS Medical
Private equity continues to show interest in medical imaging, investing in a key Korea-based artificial intelligence company focused on MRI throughput.
TA Associates announced Tuesday it’s backing AIRS Medical, helping the Seoul-based firm enter its next phase of global expansion. Founded in 2018, AIRS provides deep-learning solutions including its flagship SwiftMR, which it says reduces scan times while boosting image quality.
TA, a leading global investment outfit out of Boston, said it sees momentum in this business segment, given radiology staffing and capacity shortages, growing volumes and AIRS’ market differentiation. The AI provider now supports over 1,700 healthcare institutions, processing 6 million MRI exams annually.
“The company’s strong foundation and growing international presence across 40-plus countries position it well to meet increasing demand for solutions that improve imaging efficiency, patient access and diagnostic consistency,” Edward Sippel, managing director and head of TA Asia Pacific, said in a statement June 16.
TA did not disclose financial terms, only indicating the two companies expect to finalize the transaction by the end of June, subject to customary closing conditions. AIRS Medical also previously courted investor interest in 2024, closing a $20 million Series C funding round with participation from South Korean firms Shinyoung Securities and BSK Investment. With this latest cash infusion, AIRS Medical also plans to advance its AI-powered radiology solutions and develop new ones.
SwiftMR applies deep learning after image acquisition to remove noise and blurring without altering the scan itself. AIRS claims it can produce an average imaging time reduction of about 45% using the technology. It additionally offers SwiftSight, which claims to help achieve consistent brain volumetry and quantification, regardless of manufacturer of field strength. (AIRS estimates that conventional brain imaging methods can lead to a 15% to 20% difference between different machines.)
"MRI scanners are among the most valuable assets in healthcare, yet many providers continue to struggle with growing imaging demand and limited capacity," Hyeseong Lee, MD, co-founder and chairman of AIRS Medical, said in the announcement. "We are pleased to partner with TA to further advance our mission to increase accessibility to advanced diagnostics and deliver greater value for patients and providers globally.”
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.