Harrison.ai Secures $112M Series C Funding

The Growing Role of AI in Medical Diagnostics

The prompt and accurate identification of severe illnesses, such as cancer, relies heavily on medical imaging techniques. However, the traditional method of manually reviewing these scans is often a lengthy undertaking.

Consequently, there's a growing trend among healthcare practitioners to integrate AI-powered tools into their diagnostic workflows. These technologies demonstrate significant potential in both identifying and classifying diseases with increased efficiency.

Harrison.ai Secures $112 Million in Series C Funding

Harrison.ai, a startup based in Sydney, Australia, develops AI-driven medical diagnostic solutions. These solutions are designed to assist radiologists and pathologists in analyzing CT scans, X-rays, and pathology slides.

The company announced on Tuesday that it has successfully raised $112 million (AU$179 million) in a Series C funding round. This capital injection will be used to expand its global presence into crucial markets like the United States, EMEA, and the Asia Pacific region.

The startup chose not to disclose its current valuation.

Investment Details and Key Investors

The funding round was co-led by Aware Super, ECP Asset Management, and Horizons Ventures. Several new investors participated, including the National Reconstruction Fund, Ord Minnett, and Wollemi Capital Group.

Existing investors, such as Alpha JWC Ventures and Blackbird Ventures, also contributed to this round of funding.

Harrison.ai’s Product Portfolio

Harrison.ai currently provides two primary products to the medical community. These include Annalise.ai, a diagnostic software specializing in radiology, and Franklin.ai, which focuses on pathology.

Both platforms are engineered to enhance the precision and speed with which clinicians can diagnose medical conditions.

Benefits of AI-Assisted Diagnosis

Early detection of illnesses is facilitated.
Treatment decisions can be accelerated.
Patient wait times for results may be reduced.

The startup posits that its AI tools can significantly contribute to improved patient outcomes by enabling quicker and more accurate diagnoses.

A Supplementary Diagnostic Perspective

According to Dr. Aengus Tran, CEO and co-founder of Harrison.ai, both radiology – encompassing techniques like X-rays and CT scans – and pathology – involving tissue biopsies – are essential for accurate medical diagnoses. He shared this insight during an exclusive discussion with TechCrunch.

Harrison.ai’s offerings function as an additional layer of scrutiny for radiologists and pathologists. This enhances the efficiency of their workflows and simultaneously minimizes the potential for diagnostic errors in cases of cancer and other serious conditions, ultimately leading to improved patient care.

Addressing Global Healthcare Challenges

The company aims to mitigate the growing global deficit of qualified medical professionals and the increasing demand for diagnostic services. These factors are placing significant strain on healthcare systems in both developed and developing nations.

Founding and Vision

Harrison.ai was established in 2018 by brothers Dr. Aengus Tran and Dimitry Tran. Having relocated from Vietnam to Australia during their upbringing, Aengus, a physician trained in Sydney, directly observed the limitations in diagnostic and treatment capacity.

These limitations often resulted in suboptimal patient outcomes. Consequently, Dimitry and Aengus collaborated to found Harrison.ai, leveraging their combined expertise in healthcare strategy and the application of artificial intelligence to increase healthcare capacity through automation.

Recent Funding and Growth

The startup’s most recent funding round elevates Harrison.ai’s total funding to $240 million. This investment arrives approximately three years following its Series B funding, which totaled around $92.3 million in November 2021.

Since securing its Series B funding, the company has launched Franklin.ai, its pathology-focused solution. Furthermore, its initial product for prostate biopsy is currently in development and is slated for release in 2025, as stated by Tran.

Financial Performance and Market Reach

Harrison.ai began generating revenue from Annalise.ai in 2022. The radiology solution has experienced a tripling of contracted annual recurring revenue for the past three years. Currently, Annalise.ai is utilized in over 1,000 healthcare facilities across numerous countries, assisting in the care of more than 6 million patients annually.

The company, now employing approximately 200 individuals, has expanded its operations beyond Australia. It currently serves 15 countries, including the U.K., U.S., Italy, Germany, Spain, UAE, New Zealand, Singapore, India, Malaysia, and Vietnam.

Harrison.ai has secured regulatory approval for clinical application in 40 countries, including 12 FDA clearances within the U.S. Plans are underway to establish a North American headquarters in Boston this year.

Business Model

“Our revenue structure mirrors that of many Software-as-a-Service (SaaS) companies, providing a straightforward purchasing and deployment process for clinical use,” explained Harrison.ai’s CEO.

Competitive Landscape

Numerous companies operate within this field, notably Aidoc, Gleamer, Rad AI, and Zebra. However, Tran posits that his company has distinguished itself through its Chest X-ray product. This product has received regulatory approval in 40 countries for identifying up to 124 distinct findings.

This capability, the company asserts, represents roughly four times the detection capacity offered by competing solutions. Furthermore, Harrison’s AI, when applied to chest radiography, demonstrates the potential to facilitate earlier lung cancer detection.

Specifically, research indicates a potential for diagnosing over 32% of cases approximately 16 months in advance. This conclusion stems from a 2024 study undertaken by the Asian Institute for Distance Education in collaboration with Alfred Health.

The CT Brain product also boasts significant capabilities, having secured regulatory clearance for the identification of up to 130 findings. Tran emphasizes that this figure is approximately four times higher than that achieved by competitors.

“Our access to comprehensive datasets, refined by over 250 specialist physicians across more than 240,000 hours, enables these advancements,” Tran explained. The newly acquired funding will be allocated towards expanding AI automation to encompass a wider range of diagnostic assessments beyond radiology and pathology.

In the previous year, the company introduced Harrions.rad.1, a radiology-focused vision-language model. This model can respond to complex visual inquiries regarding radiology images, pinpoint anomalies, and generate detailed descriptions.

Currently available to researchers, industry collaborators, and regulatory bodies – but not yet for commercial use – this model underpins the company’s product suite. The company claims it surpasses both other foundational models and the performance of human radiologists in standard examinations.