Legend Capital’s portfolio company Lunit, a Korean Medical AI company, recently announced a preliminary approval from the Korea Exchange for initial public offering (IPO) on the KOSDAQ market, and it plans to submit a registration statement within the second quarter of 2022.
Founded in 2013, Lunit is a company with the world’s top-notch AI technology focusing on R&D of medical software to assist tumor diagnosis and treatment. It utilizes advanced AI technology to process medical image data, which helps doctors to make accurate clinical decisions in diagnosis and treatment. Lunit’s flagship products are Lunit INSIGHT, an AI image analysis solution for cancer screening, and Lunit SCOPE, an AI biomarker platform for cancer treatment.
According to Korean media reports, Lunit is considered one of the most promising medical AI IPOs in Korea in the first half of 2022. After the listing, Lunit plans to use the secured funding for R&D of AI products and global market development, laying the cornerstone for sustainable growth.
Lunit has partnered with global medical device giants such as GE Healthcare, Philips, and FujiFilm to supply products to about 600 medical sites in more than 40 countries worldwide. In addition, Lunit is also focusing on its biomarker business by signing an exclusive business contract with Guardant Health, a leading global liquid biopsy company.
Brandon Suh, CEO of Lunit, said: “Lunit is the first deep learning-based medical AI company in Korea with a specialized AI research team and medical team, developing AI solutions for cancer diagnosis and treatment. As our AI technologies and products are acknowledged globally, we will strive to continuously grow and pioneer the global medical AI market by going public.”
Legend Capital has invested in Lunit 4 times in 2018, 2019, and 2021; it is one of the company’s main investors and has long supported its development. Closely following the deep integration of medical and health industry and technology, Legend Capital has built a solid portfolio in medical AI sector in recent years. In addition to Lunit, Legend Capital also invested in a number of other leading medical AI companies, such as Xbiome, an AI-based microbiome drug development company, StoneWise, an AI technology-driven innovative drug R&D platform company, Deepwise Healthcare, an AI medical imaging company, Deep Informatics++, an AI medical pathological diagnosis company, Genome Wisdom, a genomic big data company, and Ayshealth Technology, an AI medical chronic disease management system company.