Lunit acquires New Zealand's medical AI firm specializing in breast cancer

By Kim Joo-heon Posted : May 22, 2024, 16:41 Updated : May 22, 2024, 23:19
Lunit CEO Brandon Suh announces the acquisition of Volpara Health Technologies during a press conference held on May 22 Courtesy of Lunit
Lunit CEO Brandon Suh announces the acquisition of Volpara Health Technologies during a press conference held on May 22, 2024. Courtesy of Lunit
SEOUL, May 22 (AJU PRESS) - Lunit, a Korean medical artificial intelligence firm, has finalized its acquisition of Volpara Health Technologies, a New Zealand-based AI solution developer specializing in the detection of breast cancer, the two companies announced on Wednesday.

Volpara is known for its AI solution capable of quantifying breast tissue density to aid in breast cancer risk assessment. The company also possesses about 100 million mammogram images and currently provides breast cancer screening solutions to some 2,000 medical facilities in the United States.

With this acquisition, Lunit aims to gain a competitive edge in the U.S. market. The Korean AI firm intends to sell its own AI cancer analysis solutions, such as "Lunit Insight MMG," to Volpara's clients.

This deal was completed about five months after Lunit signed a contract to acquire Volpara for $193.07 million in December 2023.

"This merger enables us to develop and deliver innovative, life-saving solutions that meet critical needs in cancer diagnostics," Lunit CEO Brandon Suh said during a press conference. "While our initial focus remains on breast cancer, both Lunit and Volpara are committed to broadening our offerings to address a wider range of cancers and medical conditions."

Teri Thomas, CEO of Volpara, said, "We can significantly improve early cancer detection and patient outcomes by integrating Volpara's innovative breast screening technology with Lunit's AI capabilities."

Lunit Insight MMG compares and analyzes X-rays and medical images from both breast cancer patients and healthy individuals. It then alerts human supervisors if further tests are required for patients.
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