South Korean medical AI startup Lunit secures $150m capital increase to accelerate growth

South Korean medical AI startup Lunit secures $150m capital increase to accelerate growth

Published: 20-11-2023 10:43:00 | By: Pie Kamau | hits: 2334 | Tags:

Lunit, the provider of AI-powered solutions for cancer diagnostics and therapeutics, announced the successful completion of a significant paid-in capital increase of $150 million. The public offering was met with an enthusiastic response, with shareholder participation surpassing 100%, marking a major achievement for the company.

The decision to initiate this capital raise was made during a Board of Directors meeting on August 23rd. Following the board resolution, the process was successfully concluded on November 9th, with the fund fully paid in. NH Investment & Securities played a key role as the underwriter for the funding.

The funds raised will be strategically invested in several key initiatives that include:

  • Next-generation product development: $52 million
  • Recruitment of global talent and labor cost: $15 million
  • Intangible asset acquisition cost: $15 million
  • Investment in overseas subsidiaries (US & Europe): $38 million
  • Establishment of a Corporate Venture Capital (CVC) for strategic investments: $30 million

 

This financial backing will enable Lunit to further its mission of pushing medical intelligence to new heights. With its AI-powered solutions for cancer diagnostics and treatment support, Lunit remains committed to leveraging technology to conquer cancer through AI.

Brandon Suh, CEO, Lunit: "We're deeply grateful for the support and trust from our shareholders. This $150 million capital increase reflects their faith in our mission and technology. We're eager to use these funds to advance our innovative products, explore new pharmaceutical avenues, and recruit global talent. Our commitment remains steadfast, and we believe that every dollar invested in Lunit can make a significant impact in the fight against cancer."

www.lunit.io