SymphonyAI Group, a collection of private B2B artificial intelligence companies spanning multiple sectors, announced yesterday that it has acquired TeraRecon, the maker of products for medical-image post-processing and other related products.
As the group’s seventh portfolio company, TeraRecon will continue building out its radiology, cardiology and vascular-surgery AI-imaging support. However, the announcement also stated that it would be pushing into additional specialties such as neurology and oncology.
To do so, SymphonyAI Group said in the announcement that it “will invest in infrastructure and key initiatives to rapidly produce new advancements and offerings through TeraRecon's industry-leading engineering and product teams.”
WHY IT MATTERS
SymphonyAI Group is familiar with the healthcare AI space, as the coalition already counts clinical-insight-generation platform Concerto HealthAI among its numbers. In fact it was only a few months ago that Concerto was touting a hefty $150 million in aggregate Series B financing.
While both will be operating as independent portfolio companies of SymphonyAI Group, the announcement did highlight the potential synergies between Concerto and TeraRecon’s technology offerings.
"In just a few years, our company has not only transformed the realm of advanced visualization with artificial intelligence but also our entire industry,” TeraRecon CEO and President Jeff Sorenson said in a statement. “Now with the backing of SymphonyAI Group and the recent recognition of two powerful patents, TeraRecon can think bigger and work faster than ever before. Having been chosen for such an impressive and selective portfolio is truly an honor, and an ideal outcome for our employees, customers and stockholders."
THE LARGER TREND
A number of startups and tech companies have been focusing on the benefits AI could bring to image analysis, which include reduced burdens for specialists and a more objective means of diagnosis.
With this in mind, the FDA has been signaling a green light for a number of imaging-analysis-support algorithms from companies like Aidoc and Zebra Medical Vision that are focusing on a range of specific conditions.
ON THE RECORD
“The SymphonyAI Group mission is to use AI to transform the enterprise. We accelerate high-value AI solutions to market to meet the needs of specific vertical industry use cases,” Dr. Romesh Wadhwani, founder and CEO of SymphonyAI Group, said in a statement. “TeraRecon has demonstrated the value AI can play in the medical imaging market. We believe that TeraRecon AI technology can continue to deliver unprecedented benefits to doctors and patients and expand into new areas of the healthcare enterprise."
