Lunit receives Canadian licenses for AI radiology solutions

South Korean AI launcher Lunit has received regulatory approvals from Health Canada for its AI solutions for radiology.

According to a press release, both his INSIGHT CXR chest X-ray solution and the INSIGHT MMG mammography software have already been approved for commercial release in Canada.

INSIGHT CXR can detect 10 of the most common chest abnormalities with 97% -99% accuracy, while INSIGHT MMG analyzes mammographic images with 96% accuracy.

WHY IT MATTERS

The Canadian medical device market is one of the largest in the world. Its value is projected to rise to $ 9.2 billion in 2024 from $ 7.2 billion in 2019. Canada also has an aging population, with the number of people aged 65 and over estimated at 23%. its total population in 2031

THE BIGGER TREND

This latest regulatory authorization follows the approvals issued by US Food and Drug Administration to the same Lunit AI solutions last year. CEO Brandon Soo said he would make a “full entry” into the North American market after these approvals.

In other news, Lunit just filed a declaration last week on the Korean Stock Exchange for its initial public offering in July. The company plans to issue a total of 1.12 million shares worth between $ 34- $ 38 in cash. Prior to the IPO, Lunit launched a fundraiser in November, where it raised $ 61 million.

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