Lunit develops AI-powered diagnostic tools for detecting cancer. Credit: National Cancer Institute on Unsplash.

South Korean medical artificial intelligence (AI) provider Lunit has raised $61m in its pre-IPO fundraising round, which was led by major global healthcare investors.

The move comes ahead of Lunit’s South Korean stock market (KOSDAQ) public offering early next year.

US healthcare investors Casdin Capital, HealthQuest Capital, and American Cancer Society BrightEdge joined the funding round.

Asia-based global healthcare investors NSG Ventures and Tybourne Capital Management also participated.

Healthcare growth equity firm HealthQuest Capital has invested $20m of the total amount.

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In July this year, the company secured $26m investment from Guardant Health in a strategic funding round.

In total, the company has secured more than $135m in funding so far.

Lunit CEO Brandon Suh said: “It is a great pleasure to be successfully closing this round, consisting of major biotech investors. It is a result of hard work throughout the years to establish ourselves as one of the leading medical AI companies in the world.

“Our purpose of the last few investment rounds has been to find partners who would bring strategic value for our future endeavours. Through these partnerships we look forward to reinforcing our journey to conquer cancer through AI.”

Founded in 2013, the company develops AI-powered diagnostic tools for detecting cancer. It also develops biomarkers for accurate prediction and guiding the patients who respond to specific cancer treatment.

Lunit INSIGHT MMG recently received 510(k) clearance from the US Food and Drug Administration (FDA) for detecting breast cancer.

The new AI solution accurately analyses mammography images to detect lesions indicative of breast cancer.

It also generates the location information of detected breast cancer in the form of heatmaps and outlines.