Californian biotechnology company Guardant Health has made a strategic investment of $26 million in South Korean AI-powered cancer solution provider startup, Lunit on July 19, 2021, said a statement issued by the Korean startup.
The investment made by Guardant Health, a leading precision oncology company, is seen as a pioneering collaboration between a liquid biopsy company and a medical AI startup, which is intended to help reshape and innovate the precision oncology landscape.
Pathbreaking deal in the field of precision oncology
“Artificial intelligence is rapidly gaining ground in cancer research. 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 improve the diagnoses and treatment of cancer significantly,” said Helmy Eltoukhy, Guardant Health CEO.
“We’re impressed with Lunit’s approach and believe this investment will help them advance their important AI work for eventual clinical use. Through this investment, we also expect to utilize their AI platform to usher in new precision oncology products that contribute in a meaningful way to improving cancer care for patients.”
Paving way for next-gen healthcare
At the American Society of Clinical Oncology (ASCO) 2021 annual meeting, Lunit presented that its tissue analysis platform, Lunit SCOPE, found 50 percent more patients who would respond to immunotherapy than traditional diagnostic pathology. Lunit has been showing its findings at ASCO and American Association for Cancer Research (AACR) since 2019.
Founded in 2013, Lunit is internationally acknowledged for its advanced, state-of-the-art technology and its application in medical images. The startup was recognized at international AI competitions, surpassing top companies like Google, IBM, and Microsoft. As a medical AI company that values building clinical evidence, Lunit’s findings are presented in major peer-reviewed journals and global conferences, including ASCO and AACR.
Lunit has closed its Series C Tranche B funding round with the investment from Guardant Health. Lunit is expected to file for an initial public offering on the Korean Stock Exchange later this year.