Harrison.ai, a Sydney-based healthcare artificial intelligence company, announced it has completed its first capital raise of A$29 million.
Founded by brothers – Aengus Tran, a clinician and world-ranked AI engineer and Dimitry Tran, a healthcare technologist, the company has been bootstrapped since inception in 2018 and has a vision to use AI to revolutionise global healthcare.
The initial funding round was led by Blackbird Ventures and joined by Horizons Ventures, Skip Capital and Ramsay Health Care.
Harrison.ai will use the funding to grow its team with new hires in the field of data science and software engineering, as well as those with clinical and medical device backgrounds.
It will also develop new applications in areas where AI technologies are ready to make an impact such as radiology, pathology, and hospital operation, the company said.
“Australia has a long history of success in healthcare and we are confident Harrison.ai will be following in the footsteps of Cochlear, Resmed and others. We could not be more proud to join them on the journey,” said Samantha Wong of Blackbird Ventures.
Chris Liu of Horizons Ventures, said, “We believe Harrison’s unique approach to AI in healthcare will set it apart from its peers and deliver a platform that will help to improve patient experience and outcomes.”
“I have been extremely impressed with Dimitry and Aengus, and their passion for changing healthcare through AI. They already have one successful product, and I’m extremely excited about what will come next,” said Kim Jackson, Principal of Skip Capital.
Harrison.ai’s first product launch in In Vitro Fertilisation (IVF). In partnership with the world’s leading IVF provider, Virtus Health Limited (ASX:VRT), Harrison.ai developed, validated and deployed an AI technology (‘IVY’) capable of predicting the likelihood of pregnancy from analysing embryo videos.
Aengus Tran, CEO and Co-Founder of Harrison.ai prototyped the algorithm while completing his medical degree and it was rolled out in clinics within 11 months.
The capital raise was completed on the back of Harrison.ai’s formation of a new joint venture with I-MED Radiology Network, Australia’s leading diagnostic imaging provider, to develop world-leading prediction engines for key imaging modalities (such as X-ray, mammography and CT) to assist radiologists to efficiently and accurately diagnose diseases and injuries.
“I’m excited to be able to use my AI and medical background to help many thousands, potentially millions, of patients to achieve better healthcare outcomes faster than I ever could have by treating patients individually. Wearing the dual hat of a clinician and an AI engineer translates into clinically sound designs and technically robust solutions to benefit patients,” said Aengus Tran.
“Australia leads the world in many areas of healthcare. We have home-grown organisations that went on to become the world’s largest in their domains, such as Ramsay Health Care in hospital, Virtus Health in fertility, and I-MED in radiology. This presents a great opportunity for technology development and global distribution,” said Dimitry Tran, Co-Founder, Harrison.ai.
“At Harrison.ai, a key part of our strategy moving forward is to collaborate with such organisations to develop AI-as-medical-device solutions that improve efficiency, accuracy and safety, ultimately enhancing patient outcomes.”