South Korean AI startup Lunit has received regulatory clearance from Health Canada for its AI solution for radiology.
According to a press release, its chest X-ray solution Insight CXR and mammography software Insight MMG are both now approved for commercial release in Canada.
Insight CXR can detect 10 common chest abnormalities with 97% -99% accuracy while Insight analyzes MMG mammography 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 increase from $ 7.2 billion in 2024 to $ 9.2 billion in 2019. Canada also has an older population, with people aged 65 and over accounting for 23% of the total population in 2031.
This follows the approval issued by the latest regulatory clearance The US Food and Drug Administration solved the same Lunit AI last year. CEO Brandon Suh said they would make a “full entry” into the North American market by following these approvals.
In other news, Lunit submitted a registration statement for an initial public offering on the Korean Exchange in July last week. The company plans to issue a total of 1.12 million shares between $ 34- $ 38. Prior to the IPO, Lunit launched a fundraiser in November where it raised funds $ 61 million.