Harrison.ai Secures $129M AUD Funding

Harrison.ai Secures $129 Million AUD in Series B Funding

Harrison.ai, a medical device company leveraging AI technology and based in Sydney, has announced the successful completion of a $129 million AUD funding round – equivalent to approximately $92.3 million USD. This represents one of the most substantial Series B investments received by an Australian startup to date.

Investment Details and Participants

The funding round was spearheaded by Horizons Ventures, a previous investor in Harrison.ai. New investment was provided by Sonic Healthcare and the I-MED Radiology Network. Furthermore, existing investors Blackbird Ventures and Skip Capital also participated, bringing the company’s total funding raised over the last two years to $158 million AUD.

Strategic Partnership with Sonic Healthcare

In addition to the funding, Harrison.ai has established a joint venture with Sonic Healthcare, a leading global medical diagnostics provider. This collaboration will concentrate on the development and commercialization of innovative clinical AI solutions specifically within the field of pathology.

Expansion of AI Diagnostic Tools

This new venture builds upon a prior joint venture formed with I-MED Radiology in early 2020. That partnership resulted in the creation of Annalise.ai, a company dedicated to developing AI-powered diagnostic support tools for radiology.

Vision of the Founder

Dr. Aengus Tran, Harrison.ai’s CEO, shared with TechCrunch his initial motivation for becoming a physician – a desire to maximize his positive impact on people’s lives. He explained that his interest in artificial intelligence stemmed from its potential to extend that impact far beyond what he could achieve individually.

Scaling Healthcare with AI

Founded alongside his brother, Dimitry, Harrison.ai aims to broaden the accessibility and quality of healthcare globally. The company intends to achieve this by equipping clinicians with AI-driven tools. Dr. Tran highlighted that Annalise.ai successfully launched its first product – an AI tool for detecting findings on chest X-rays – within 18 months of its inception and received regulatory approval.

Future Plans and Resource Allocation

The newly acquired funds will be allocated towards expanding the team with additional AI data scientists and engineers. Furthermore, Harrison.ai plans to forge new clinical partnerships internationally, enabling expansion into additional healthcare domains.

Addressing Global Healthcare Challenges

Harrison.ai believes its AI-based technology can significantly improve diagnostic processes, particularly in regions experiencing healthcare shortages. The company recognizes that the COVID-19 pandemic has exacerbated existing inequalities and pressures within the global healthcare system.

Dr. Tran noted a decade-long shortage of radiologists in both developed and developing nations, a situation worsened by the pandemic’s impact on staffing and the resulting backlog of procedures.

AI as a Support Tool, Not a Replacement

Harrison.ai emphasizes that its AI technology is designed to augment, not replace, the expertise of clinicians. The company’s goal is to provide healthcare professionals with tools that facilitate rapid and scalable decision-making, supported by artificial intelligence.

Global Presence and Future Expansion

Currently, Harrison.ai maintains teams in Australia, the United Kingdom, and Vietnam. Plans are underway to extend its reach into additional countries. The company’s products are currently available in Australia, the U.K., Europe, and select Asian markets. Harrison.ai’s overarching ambition is to positively impact the lives of 1 million patients daily.