PUNE: Tokyo-based AI Medical Service that was working on oncology-related software has raised Series B funds worth $42.9 million from prominent investors in the Asia Pacific region. The company uses machine learning to improve the detection of gastric cancer.
The new funds from investors like Globis Capital Partners, World Innovation Lab and Sony Innovation Fund by IGV (Innovation Growth Ventures Co. Ltd) was expected to boost the R&D, they said on Friday. The company’s endoscopy image analysis software can diagnosis cancer during the examination of the digestive tract. This was expected to substantially cut the time spent by doctors for diagnosis. Today, up to 30 per cent cancerous lesion are missed my doctors during endoscopy. The product uses deep learning and neural network for detection. The company said it aims to make advancements in detection of cancer in the oesophagus, stomach, small intestine and large intestine. The clinical approval of the technology was yet in progress.
Partners Say Future Is Promising
The company has tied up with several medical institutions to complete the process. Their partners include The University of Tokyo Hospital, Keio University, Nippon Medical School, Tokyo Medical and Dental University among others. While companies like Olympus and Wision AI provide solutions for colonoscopy, AI Medical Services will focus on the oncology sector in particular.
“AI Medical Services provides endoscope-related solutions that combine medical knowledge by endoscopy specialists and software technology. It is a unique start-up that aims to make a breakthrough tool for endoscopists and further improve global medical standards,” said Sony Innovation Fund by IGV Representative Director Motochi Tsuchagawa.
Around 85% of companies that provide similar solutions are from Japan. The prevalence of cancer in countries like Thailand, Indonesia and Singapore had led to massive competition in this field. Machine Learning algorithms were already being used to differentiate benign and malignant tumours, particularly breast cancer.