Lunit Targets European Market... Establishes Subsidiary 'Lunit Europe Holdings'

[Asia Economy Reporter Myung-Hwan Lee] Medical artificial intelligence (AI) company Lunit announced on the 17th that it has resolved to establish a new subsidiary, 'Lunit Europe Holdings.' Lunit Europe Holdings is a subsidiary wholly owned by Lunit.

Lunit explained that it decided to establish a European subsidiary to accelerate the expansion of its sales network in the European region and strengthen partnerships with global medical device companies. Previously, products were sold through the European branch. The subsidiary, Lunit Europe Holdings, will be established with the Netherlands as its base and will begin full-scale local recruitment.

In 2019 and 2020, Lunit obtained the European CE certification for its imaging analysis solutions, Lunit Insight CXR and Lunit Insight MMG, respectively, and commercialized the products in the European region. Since then, it has formed partnerships with global medical device companies such as GE Healthcare, Agfa Healthcare, and Fujifilm, accelerating sales in the European market.

In particular, Lunit expects that the establishment of the European subsidiary will have a positive impact on expanding sales of 'Lunit Insight MMG,' an AI imaging analysis solution for mammography used in breast cancer screening.

Lunit plans to use the establishment of this subsidiary as an opportunity to intensify sales expansion within Europe, including the European Union (EU) and the European Free Trade Association (EFTA). Depending on the growth speed of its European business, it will actively consider establishing additional business corporations in major European countries in the future.

Seob Beom-seok, CEO of Lunit, said, "We promoted the establishment of a European subsidiary to secure flexible responsiveness to the European market and to preoccupy new markets such as double reading for breast cancer." He added, "The establishment of Lunit Europe Holdings is expected to serve as a stepping stone to expand profitability in the European market by strengthening Lunit's global capabilities and brand awareness."

Seobeomseok, CEO of Lunit.
[Photo by Lunit]

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