Medical AI startup AIRS Medical from South Korea has raised $20 million in a Series B funding round participated by its new investors Q Capital Partners and Hanwha Life and its existing investor Klim Ventures.

WHAT IT DOES

Founded in 2018, the startup offers AI-based diagnostic tests and robotic technologies that improve both patient and healthcare provider experience. 

Its flagship product, SwiftMR, is an AI-powered MRI reconstruction software that enhances MR images. Since its launch last year, the software as a medical device has been used in more than 130,000 MRI examinations in South Korea. The software has been approved by the South Korean Ministry of Food and Drug Safety and the US Food and Drug Administration. 

AIRS Medical is also developing an automated solution for venipuncture called AIIV, which is currently being tested in clinical settings in South Korea. 

Since acquiring fellow South Korean AI startup artiQ in March, the company has added in-vitro diagnostics to its technology portfolio.

WHAT IT'S FOR

According to a press release, the startup's latest funding will go to its global expansion efforts. Through the support of both startup accelerator Born2Global and the KOSME-MATTER US Market Adoption Program, AIRS Medical has been introducing SwiftMR in the United States, Europe, Southeast Asia, and Latin America.

"Through the Series B funding we've secured, we will be taking our innovative diagnostic solutions to the global market," said CEO Hye-Seong Lee.

MARKET SNAPSHOT

South Korea's medical AI landscape is currently dominated by two companies that have recently gone public. Last year, VUNO raised $33.6 million from its initial public offering. Since then it has received clearance from various regulatory agencies, as well as partnerships to integrate its AI medical imaging solutions.

In July this year, Lunit debuted on the trading board of the Korea Exchange, raising $37 million. Prior to its IPO, the company has been securing contracts abroad to roll out its AI radiology solutions.

The global market for AI in healthcare is expected to reach $67 billion in value by 2027 from $6.9 billion last year, growing at a 46% CAGR.