Seoul, South Korea-based imaging artificial intelligence vendor Lunit has raised $150 million in new capital, leaders announced recently.
Publicly traded on the Kosdaq stock exchange, the vendor held a public offering earlier this month, which garnered an “enthusiastic response” from investors. Shareholder participation in the PO surpassed 100%, marking a “major achievement” in the company’s history.
“We're deeply grateful for the support and trust from our shareholders. This $150 million capital increase reflects their faith in our mission and technology,” CEO Brandon Suh, MD, MBA, said in a Nov. 15 company announcement. “We're eager to use these funds to advance our innovative products, explore new pharmaceutical avenues, and recruit global talent.”
Lunit’s board initiated the capital request in August, and the process concluded on Nov. 9, with NH Investment & Securities underwriting the funding. Suh and colleagues said much of the money will go toward operational costs, including $52 million for product development and $15 million to recruit and pay for new talent. Lunit will allocate another $68 million toward overseas subsidiaries and establishing a new corporate venture capital arm to handle strategic investments.
Founded in 2013, Lunit is on a “mission to conquer cancer.” The company’s flagship Lunit Insight product suite is utilized in clinical care across 2,000-plus hospitals and medical institutions in 40 countries. Just recently, Lunit earned U.S. Food and Drug Administration clearance for its 3D Breast Tomosynthesis AI product.
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.