Lunit Acquires Volpara Health Technologies in $193M Deal to Advance US Medical AI Presence
The medical artificial intelligence startup Lunit has taken a major step in positioning itself as a leading force in cancer screening in the US market. In a $193 million deal that promises to revolutionize breast cancer detection, Lunit has agreed to purchase Volpara Health Technologies, a top player in digital breast tomography.
Volpara brings extensive experience and an impressive data bank to the table. With access to over 100 million mammograms from its work with 2000+ US healthcare providers, the New Zealand company has become the market leader, analyzing 42% of all breast X-rays in America. By combining Volpara’s insights with its own award-winning lung and breast cancer detection tools, Lunit aims to elevate cancer diagnosis to new levels through advanced AI.
The acquisition signals Lunit’s ambitious plans for the lucrative US arena. Currently generating 97% of sales from American clients, Volpara provides an instantly expanded consumer base and distribution channels for Lunit’s products. With Volpara’s deep roots in the industry and understanding of regulatory requirements, Lunit is well positioned to introduce its full portfolio of early screening solutions.
Lunit CEO Suh Beom-seok expressed confidence that the partnership “will catapult Lunit to the forefront of the American market.” He noted Volpara’s “robust repository” will vastly improve the capability of Lunit’s AI, allowing “groundbreaking solutions in medical imaging.” The deal sets the stage for the two pioneers to lead innovation benefitting medical professionals and their patients.
Subject to shareholder approval expected in Q2 2022, the transaction will see Volpara delisted to focus fully on the mission it now shares with Lunit – using artificial intelligence to revolutionize cancer treatment through earlier and more precise detection. With their combined forces, Lunit and Volpara aim to take a major stride towards conquering cancer.
