NEW YORK – Lunit, a startup advancing artificial intelligence technology for medical applications, said Monday that Guardant Health has invested $26 million in its company as part of a Series C Tranche B funding round. The two firms also intend to collaborate in developing new precision oncology products.
Based in Seoul, South Korea, Lunit plans to file for an initial public offering on the Korean Stock Exchange later this year. The firm has developed a tissue analysis platform called Lunit SCOPE and has presented data at previous scientific meetings showing it could identify 50 percent more patients who would respond to immunotherapy compared to traditional diagnostic pathology.
"Artificial intelligence is rapidly gaining ground in cancer research, and it's exciting to see the excellent progress Lunit has made in developing innovative AI-powered radiology and pathology solutions that have the potential to significantly improve the diagnoses and treatment of cancer," Guardant Health CEO Helmy Eltoukhy said in a statement.
He added that Guardant's investment also reflects an intention to collaborate with Lunit, using the SCOPE technology to "usher in new precision oncology products that contribute in a meaningful way to improving cancer care for patients."
"We have been validating the effectiveness of Lunit SCOPE through various studies, and now we are pushing to show its value in clinical research and real practice," added Lunit CEO Brandon Suh.