South Korean startup AIRS Medical raises $20 million to improve MRI images

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The company also has a venipuncture automation product since its acquisition of artiQ

The first MRI scan was successfully performed on a patient in July 1977, and although the technology is now fairly standard, with millions of MRI scans performed each year in the United States for the past 40 years, neither the equipment, nor the software, has changed much. at the time.

Of course, some companies are finally looking to upgrade MRIs, including Promaxo, HeartVista and AIRS Medical, a South Korean startup that has developed deep learning MRI image reconstruction technology.

On Friday, the latter company announced that it had raised approximately $20 million in Series B funding from new investors Q Capital Partners and Hanwha Life and with existing investor Klim Ventures.

Co-founded by Seoul graduates National University in October 2018AIRS Medical’s technology, called SwiftMR, is AI-powered MRI reconstruction software that enhances MRI images to deliver a higher level of data accuracy and a better patient experience.

MRIs are performed using the radiologist’s existing scanner, after which they are sent to SwiftMR, which uses deep learning engines, trained with high-quality images, to improve low-quality images. The software communicates directly and automatically with the institution’s Picture Archiving and Communication System (PACS).

SwiftMR was launched in Korea in the fourth quarter of 2021 and has so far been used for a total of over 130,000 MRI scans, an average of 30,000 MRI scans per month. In 2021, the software was approved by both Korea’s Ministry of Food and Drug Safety (MFDS) and the FDA.

In addition to its MRI, the company also began to expand into new areas of healthcare, including venipuncture. Through its acquisition of artiQ, an AI and robotics-based startup, in march 2022, AIRS Medical has added in vitro diagnostics to its technology portfolio, including a venipuncture automation product called aiiv.

Now that it has this new funding, AIRS Medical plans to bring its software to other parts of the world outside of Korea, including United States, Europe, South East Asiaand South America.

“We believe we can transform the healthcare ecosystem by solving the current reliance on analog machines and replacing them with data-driven medicine,” Hye-seong Lee, CEO of AIRS Medical, said in a statement. .

“With the Series B funding we secured, we will bring our innovative diagnostic solutions to the global market.”

Going forward, AIRS Medical says it will aim to use its technology and clinical expertise to “introduce consecutive diagnostic testing solutions that break new ground in the cost structure of the medical industry.”


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