Lunit Inc., a South Korean medical artificial intelligence startup, said Wednesday it has completed the acquisition of Volpara Health Ltd., a New Zealand-based breast cancer solution firm.

The takeover was finalized about five months after Lunit signed a US$193 million deal to acquire Volpara to further advance its AI solutions and strengthen its presence in the United States, where 97 percent of the New Zealand firm’s business is based.

“This merger enables us to develop and deliver innovative, lifesaving solutions that meet critical needs in cancer diagnostics,” Lunit CEO Brandon Suh said. “While our initial focus remains on breast cancer, both Lunit and Volpara are committed to broadening our offerings to address a wider range of cancers and medical conditions.”

In detail, the Korean company said it will market its breast cancer diagnostic solutions to Volpara’s existing U.S. customers, while promoting Volpara’s solutions in Europe, Asia, the Middle East and South America, where Lunit has a strong mark
et presence.

Lunit also plans to develop “autonomous AI models” that can independently screen, detect and diagnose cancer without the involvement of doctors.

Source: Yonhap News Agency