Medical AI Startup Lunit Selected as Technology Pioneer by World Economic Forum
Lunit, a Participant Company in the Ministry of SMEs and Startups' Startup Support TIP, Grows into a Global Startup
[Asia Economy Reporter Kim Heeyoon] The Ministry of SMEs and Startups announced on the 21st that Lunit, a deep learning medical artificial intelligence (AI) startup, was the only Korean company selected as a ‘Technology Pioneer 2020’ by the World Economic Forum (WEF).
Founded in 2013, Lunit is Korea’s first deep learning medical AI startup. Its flagship product, Lunit INSIGHT, is a medical imaging detection assistance software that analyzes chest X-rays using deep learning-based AI technology to detect suspicious abnormalities such as lung nodules and breast cancer. Since its establishment, Lunit has successfully raised about 60 billion KRW in investments from SoftBank Ventures, InterVest, Mirae Asset, and others. It was also the only Korean company selected among the world’s top 100 AI companies announced by CB Insights in 2017. Lunit is seeking global expansion by forming partnerships with global medical equipment companies such as GE Healthcare.
Lunit started as a laboratory startup from the Computer Vision Lab at the Korea Advanced Institute of Science and Technology (KAIST), and later appointed a CEO with a medical background, allowing the founders to focus on technology development. Additionally, it has recruited world-renowned radiology experts such as Professor Kyungheon Cho from New York University as advisory members.
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The Ministry of SMEs and Startups stated, “Lunit previously participated in the Ministry’s flagship startup support program ‘TIPS,’ where it developed an independent deep learning algorithm with government support and succeeded in commercialization,” adding, “We plan to strengthen support to continuously discover and nurture global startups in the future.”
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