Harrison.ai, a leading global healthtech company and developer of AI-based medical diagnostic support and workflow solutions, announced the accelerated expansion of its operations into the US, which is a move supported by $112 million of Series C funding. The funding round was co-led by Aware Super, ECP, and existing investor Horizons Ventures. New investors like Australia’s National Reconstruction Fund Corporation (NRFC), Ord Minnett and Wollemi Capital Group also participated, along with existing investors including Blackbird Ventures and Alpha JWC Ventures. And Harrison.ai’s total capital raised to date exceeds $240 million.
This funding will advance the company’s product roadmap and continued growth in the UK, EMEA, and APAC. The round is one of the largest capital raises in the medical AI space over the past twelve months.
Harrison’s technology in radiology and pathology helps clinicians identify signs of cancer and other critical illnesses earlier, improving treatment decisions and patient outcomes. And it uses AI to analyze CT scans, X-rays, and pathology slides, supporting clinicians in detecting and diagnosing medical conditions faster and more accurately.
Harrison.ai looks to address the major shortage of skilled clinicians and the surge in demand for diagnosis impacting both developed and under-developed healthcare systems. And in the US, there are 11 radiologists per 100,000 people (study by the Association of American Medical Colleges). Over two-thirds of the world’s pathologists are distributed across only 10 countries.
Harrison.ai solutions are providing a significant improvement through early lung cancer detection within hospital systems. Radiologists using Harrison.ai’s technology have seen an over 45% increase in diagnostic accuracy. And studies indicate that Harrison’s AI for chest radiography can aid in the early detection of lung cancer, showing that over 32% of lung cancer cases could have been diagnosed sooner by an average of 16 months. Plus, it has been shown to enhance clinical outcomes by increasing the proportion of cases detected at treatable stages by more than 26%.
Over 1,000 healthcare facilities worldwide support the care of over six million patients every year with Harrison.ai solutions. And its radiology solution (Annalise.ai) is available to 1 in 2 radiologists in Australia, and processes scans for over 45 Trusts and over 131 public hospitals in the United Kingdom, including 35% of chest X-ray volume in England. Plus, it also powers all CT Brain scans across public accident and emergency (A&E) systems in Hong Kong and was recently selected by the Danish public healthcare system to help clinicians deliver better outcomes.
For global commercialization efforts, Harrison.ai is establishing a North American presence in Boston. And the company will focus on building its U.S. operations and growing the Harrison.ai customer base. The company already received 12 FDA clearances, and one of its CT Brain algorithms has FDA Breakthrough Device Designation and Medicare reimbursement through the New Technology Add-on Payment (NTAP).
Harrison.ai was invited to participate in the Healthcare AI Challenge that is hosted by Mass General Brigham, where it joins many large companies in a series of events to assess AI technology and generate insights from healthcare professional participants. This program is intended to help inform the community and industry to ensure adherence to high standards for efficacy and safety for AI in medical imaging and healthcare more broadly.
KEY QUOTES:
“The growing demand for equitable and effective healthcare calls for advanced systems like AI to enhance human diagnostics and address disparities in access to care. Harrison.ai meets this need by developing clinical-grade AI models designed to improve capacity. We look forward to bringing our life-saving technology to healthcare systems in the U.S. and continuing our expansion across the globe.”
- Dr. Aengus Tran, Harrison.ai Co-Founder and Chief Executive Officer
“Harrison.ai’s ability to harness the rapidly evolving opportunities out of digitization and AI is remarkable and we look forward to supporting their long-term application to the healthcare sector.”
- Alvin Chan, Portfolio Manager – Direct Equities at Aware Super, one of Australia’s largest pension funds managing A$190 billion on behalf of its 1.15 million members
