Harrison.ai has recently raised a total of $112 million in a Series C funding round led by Aware Super, ECP, and Horizons Ventures. 

The earlier reported $20 million investment from the Australian government's National Reconstruction Fund Corporation adds to this pool. Ord Minnett, Wollemi Capital Group, Blackbird Ventures, and Alpha JWC Ventures also participated in this round. 

Founded in 2018, the Australian company offers AI-powered radiology and pathology solutions that assist with the diagnosis of cancer and other critical diseases. Over 1,000 health facilities are now using Harrison.ai's products, including the United Kingdom's National Health Service, public accident and emergency departments in Hong Kong, and Denmark's Health Region Nordjylland. 

To date, it has raised over $240 million in investments. 

WHAT IT'S FOR

The new funds will help accelerate Harrison.ai's expansion across the United States, where it intends to address the shrinking number of skilled radiology specialists and growing demand for diagnostic tests. It notes that the US only has 11 radiologists per a hundred thousand people. "Harrison.ai meets this need by developing clinical-grade AI models designed to improve capacity," CEO and co-founder Dr Aengus Tran commented. 

The company, which now has 12 US Food and Drug Administration clearances and a breakthrough device designation for one of its AI algorithms, is set to open its US headquarters in Boston. 

Meanwhile, its fresh funds will contribute to its product development and growth across the United Kingdom, Europe, the Middle East, Africa, and Asia-Pacific. 

THE LARGER CONTEXT

Harrison.ai kickstarted its global expansion by merging with Annalise.ai, its radiology venture with private diagnostic network I-MED Radiology, last year.

Also last year, it unveiled a new product, the radiology-specific large language model Harrison.rad.1, which was found to outperform popular models, OpenAI's GPT-4o and Microsoft's LLaVA-Med.