AIRS Medical Raises $20M in Series B Funding
AIRS Medical, a healthcare startup based in South Korea and a member of the Born2Global Centre, recently announced that it has raised approximately $20M in Series B funding. The round of Series B funding welcomed new investors Q Capital Partners and Hanwha Life and additional funds from Klim Ventures, which had contributed to the startup’s Series A funding.
Co-founded by graduates of Seoul National University in October 2018, AIRS Medical is a startup that uses digitalized, AI-based diagnostic tests and robotics technologies to provide a better clinical experience for both patients and healthcare providers.
AIRS Medical has been recognized for its deep learning MR image reconstruction technology, winning both the 2019 and 2020 fastMRI Challenge co-hosted by Facebook AI Research (FAIR) and NYU Langone Health. Following these wins, the startup successfully developed and commercialized its technology, called SwiftMR™, and has been using it to benefit the broader healthcare community.
SwiftMR™ is an AI-powered MRI reconstruction software that enhances MR images acquired under various conditions, contributing to a higher level of data accuracy and a better patient experience. In 2021, the software was approved by both the Korea Ministry of Food and Drug Safety (MFDS) and the US FDA. Since its official commercial launch in Korea in the fourth quarter of 2021, SwiftMR™ has been used for an average of 30,000 monthly MRI exams and a grand total of more than 130,000 MRI exams. Following the successful implementation of the software’s business model in the domestic market and with the support of Born2Global and the KOSME-MATTER US Market Adoption Program, AIRS Medical is now introducing its software in other parts of the world including the United States, Europe, Southeast Asia, and South America.
In March 2022, AIRS Medical acquired artiQ, an AI- and robotics-based startup that shared AIRS Medical’s vision of a world without any sickness. Through the acquisition, AIRS Medical successfully added in-vitro diagnostics to its technology portfolio, which also includes venipuncture automation. Moving forward, AIRS Medical aims to use its exceptional technology and clinical expertise to introduce consecutive diagnostic test solutions that innovate the cost structure of the medical industry.
“We believe we can transform the healthcare ecosystem by solving the current dependency on analog machines by replacing them with data-driven medicine,” said Hye-seong Lee, CEO of AIRS Medical. He continued, “Through the Series B funding we’ve secured, we will be taking our innovative diagnostic solutions to the global market.”
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