Radiology AI firm trims 15% of staff, sees annual revenue surge to $28M
A radiology artificial intelligence firm recently trimmed approximately 15% of its staff, with the company concurrently seeing a “surge” in revenue as its business model matures.
The Australian Broadcasting Corp. earlier this month reported word that New South Wales-based Harrison.ai was letting go an unspecified number of its workers. A Monday update from Forbes Australia sheds further light on the situation.
Harrison.ai—an eight-year-old global health-tech company that offers solutions for analyzing CT and X-ray images—reportedly now sits at 200 employees. This after cutting a small number of international roles, alongside about 34 positions in Australia.
Leaders told Forbes that the cuts were motivated by Harrison’s growth plans, rather than a cash crunch.
“Just like any high-growth company entering the go-to-market phase, we need to look at the skill mix … to set ourselves up for that hyper-growth period,” Aengus Tran, MD, CEO and co-founder, told the news outlet.
Harrison.ai claimed its annual recurring revenue has quadrupled over the past 18 months, now reaching approximately $28 million (USD). The company’s solutions are deployed across more than 1,000 care sites representing 100 healthcare organizations, with over 12 million medical imaging cases analyzed. Harrison.ai in February 2025 completed a $112 million Series C financing round, which placed the company’s value at approximately $551 million, Forbes revealed on Monday.
Tran told the publication that Harrison plans to deploy a two-pronged plan of attack in the U.S. First, it’s selling software to hospitals and imaging centers across the country, as it has done elsewhere. Second, it is rolling out a new teleradiology firm here called Frontier Radiology, which has already hired 20 physicians, with plans to add more.
Harrison.ai does not own the telerad company, nor manage its clinical operations. However, it is the exclusive technology provider there, with Frontier branded as a “member of Harrison.ai Services.” The AI company sees opportunity in this $1.25 billion market, as healthcare providers grapple with radiologist shortages and growing demand.
“Some health systems in the more sparsely populated states in the U.S. don’t have the bandwidth to keep up with technology. Due to significant radiologist shortages, all they can do is keep their head above water to serve the patient the next day. And I think this [Frontier Radiology] is something that is tailor made for them,” Dimitry Tran, MBA—the company’s co-founder, managing director of the Americas, and a 2025 Radiology Business Forty Under 40 winner—told Forbes.
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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.