Medical diagnostics analysis platform Harrison.ai spots $179 million Series C

Sydney healthtech startup Harrison.ai has raised AU$179 million (US$112m) in a Series C as it looks to expand in the US

The round was co-led by Aware Super, ECP and existing supporter Horizons Ventures, the VC firm of Hong Kong billionaire Li Ka-shing. The federal government’s $15 billion National Reconstruction Fund announced its $32 millions stake a fortnight ago. Other new investors include Ord Minnett and the Denholm family’s Wollemi Capital Group, plus existing backers Blackbird Ventures and Alpha JWC Ventures.

The funding is for product development in radiology and pathology and market expansion into the US, and continued growth in the UK, Europe, the Middle East, Africa and Asia-Pacific regions.

Harrison.ai has trained generative AI on thousands of real life medical imaging to review CT scans and X-rays to detect and diagnose illnesses, including cancer, quickly and accurately, sometimes weeks before they’re normally found.

The AI can detect up to 124 findings on chest X-rays and up to 130 findings on non-contrast head CTs. The technology gives clinicians a second set of eyes to reviews images and has already significantly increased the number of treatable cases and the survivability of patients.

Harrison.ai was founded in 2018 clinician and AI engineer Dr Aengus Tran and his brother Dimitry. Aengus, then aged 24, created the algorithm that used AI to analyse video of IVF embryos to pick which ones were most likely to lead to pregnancy.

The company now has two AI products: Annalise.ai, a radiology solution, and Franklin.ai, a pathology solution.

Annalise.ai is live in more than 1,000 healthcare facilities across 15 countries, supporting the care of more than 6 million patients annually.  Radiologists using it have seen an over 45% increase in diagnostic accuracy

Dr Tran, the CEO of Harrison.ai said, the funding will enable them to improve patient outcomes in even more diagnostic areas at a global scale.

“With the growing diagnostic backlogs in Australian hospitals, AI solutions like Harrison.ai are the unfair advantage clinicians urgently need to reduce the time to accurate diagnosis of cancer and other critical illnesses, enhancing patient outcomes,” he said.

“It is our hope that we can bring AI-driven diagnostic advancements to every public hospital across Australia.”