AI Medical Service Inc., a Tokyo, Japan-based real-time endoscopic artificial intelligence (AI) developer, raised approximately $42.9m in Series B funding.
Backers included Globis Capital Partners, World Innovation Lab (WiL) and Sony Innovation Fund by IGV (Innovation Growth Ventures), as well as additional third-party allocations.
The round followed the last funding in August 2018 of over $9 million USD from the Incubate Fund, this brings the company to approximately $57 million USD raised since its founding in 2017.
The company intends to use the funds for the promotion of clinical trials, to further the development pipeline, acquisition of expert personnel, investment in equipment and overseas expansion. Through further development of its technology, AI Medical Service plans to accelerate towards regulatory approval and contribute to the development of endoscopic medical care worldwide.
Led by Dr. Tomohiro Tada, CEO, AI Medical Services develops AI technology that brings together Japanese endoscopic specialists to support endoscopic examinations of gastrointestinal organs, such as the esophagus, stomach, small intestine and large intestine.
The company collaborates with approximately 80 medical institutions representing Japan in the field of gastrointestinal endoscopy to research and develop AI endoscopies.