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Enlitic Closes Series B Funding to Advance Artificial Intelligence Solutions for Radiologists

April 4, 2019 Off By BusinessWire

Leading AI healthcare innovator closes $15M round, led by Marubeni,
Capitol Health, and private investors

SAN FRANCISCO–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/ArtificialIntelligence?src=hash" target="_blank"gt;#ArtificialIntelligencelt;/agt;–Enlitic, a privately-held company utilizing artificial intelligence to
streamline medical imaging workflows for radiologists, announced the
close of its $15M Series B financing round. The investment was led by
Marubeni, with whom the company has been developing the Japanese market
since 2017. The round saw further investment from Capitol Health, who
previously led the company’s Series A in 2016, as well as new
participation from several top investors in Australia. Approximately 10%
of the round was set aside for individual radiologists and other
physicians who have either trained or used the company’s medical AI
solutions. Enlitic plans to use the funding to enhance its artificial
intelligence product portfolio, expand its engineering and data
scientist teams, and focus on regulatory approval for clinical use in
the US, Australia, Japan, Europe, Canada, and Brazil.

Kevin Lyman, CEO of Enlitic, commented, “Radiologists have one of the
hardest jobs in the world. They need to be able to identify thousands of
different abnormalities in hundreds of different types of images. Even a
single mistake can mean life or death, and yet they’re asked to read
under tremendous time pressure in an environment full of distractions.
Our Series B is a huge step toward helping them relieve this pressure
and improve patient outcomes. We are incredibly grateful for the support
of our partners, including Marubeni and Capitol Health, and look forward
to continuing our work with them to build meaningful diagnostic
solutions.”

Enlitic uses deep learning and other forms of artificial intelligence to
develop algorithms that identify and analyze suspicious findings in
medical images. Working closely with hospitals and radiology providers
around the world, the company has developed a comprehensive platform
enabling the development, validation, and seamless integration of
clinical AI at scale. Early applications of Enlitic’s technology were
shown to speed up radiologist’s interpretation by over 20%, while
improving true positive rates and reducing false positive rates by over
10%. Other applications were shown to assist in the identification of
malignancy up to two years earlier.

Radiologist Dr. Anthony Upton, Chief Medical Officer at Enlitic,
remarked, “Closing this round is a significant advancement to help
Enlitic achieve its ambitious strategy to make meaningful clinical
products for radiology and the associated healthcare markets. This will
allow Enlitic to scale production towards achieving AI models that cover
the entire body, which will offer a significant impact to daily clinical
workflows.”

Enlitic’s first product interprets chest x-rays, triaging normal from
abnormal scans, and detecting and characterizing more than 40 distinct
abnormalities such as cardiomegaly, lung nodules, and pneumothorax.
Chest x-rays are notoriously difficult to interpret given the image’s
lack of specificity, yet they are still the most common type of
radiological examination, representing an estimated 45% of all studies
globally. Enlitic is working with partners around the world for the
relevant approvals to deploy this product in several countries, helping
radiologists to interpret chest x-rays faster, and with higher accuracy.

Recognizing the massive complexity of the average diagnostic workflow,
Enlitic is rapidly training models to assist in more areas of radiology.
In January of this year, the company launched their new datacenter with
a GPU supercluster enabling model development at more than 10x the
speed. In February, they launched their global beta program, enabling
their models to be regionally tuned and tested in several countries
simultaneously. At their current pace, Enlitic expects to be able to
interpret 95% of all types of x-rays by the end of 2019, and 95% of
common CTs and MRIs by 2021.

Marubeni, who led the Series B investment round, is a Japanese trading
company and one of the largest sogo shosha, (general trading companies),
with 12 business divisions. Marubeni is a key partner to Enlitic and
will help drive development and adoption of Enlitic’s products in Japan.
Marubeni added, “Japan especially suffers from an aging population and a
shrinking birth rate, placing an increasing burden on hospitals and
radiologists. With Enlitic’s groundbreaking AI products, we see a way to
accurately and efficiently address our current healthcare challenges in
Japan and Asia, while providing superior healthcare.”

About Enlitic

Enlitic Inc. is a pioneer in medical deep learning that leverages its
proprietary algorithms to quickly and accurately improve healthcare
diagnosis. With a platform developed by renowned data scientists,
machine learning practitioners, and medical experts, Enlitic is able to
analyze a wide variety of healthcare data sources, including billions of
clinical cases, to improve diagnostic accuracy, speed and patient
outcomes, as well as accelerate pharmaceutical research and drug trials.
Named one of the world’s “50 Smartest Companies” by MIT Tech Review,
Enlitic is based in San Francisco and serves customers around the world.
For more information, please visit us April 12-14 at the International
Technical Exhibition of Medical Imaging Conference (ITEM)
at booth #A001. Find out more at www.enlitic.com,
and follow us on Twitter,
and Linkedin.

About Marubeni

Marubeni is a major Japanese integrated trading and investment business
conglomerate that handles products and provides services in a broad
range of sectors. Marubeni is set on globally collaborating with
technology-driven medical solution providers as well as savvy medical
partners with our vision of building the digital healthcare platform for
a comprehensive prophylaxis and diagnosis services using AI.

About Capitol Health

Capitol Health is a leading provider of diagnostic imaging and related
services to the Australian healthcare market. Headquartered in
Melbourne, Victoria, the Company owns and operates clinics throughout
Victoria. The Company’s operational focus is on delivering a
community-based infrastructure for radiologists and related medical
practitioners to deliver optimal, efficient, accurate healthcare service
outcomes for patients.