Harrison.ai raises AUD$129 million and partners with Sonic Healthcare

In one of Australia’s largest-ever Series B funding rounds, Harrison.ai has raised AU$129 million (USD$97 million). The funding will go to helping us expand on our mission to scale critical capacity in the global healthcare system through rapid commercialisation of comprehensive clinical AI applications.

We are also pleased to announce a new partnership with Sonic Healthcare (ASX:SHL), a leader in medical diagnostics, to co-develop and commercialise new clinical AI solutions in pathology.

The new capital will be used to rapidly expand its team of AI data scientists and engineers, while expanding into new areas of healthcare with global clinical partners. The combination of global investors like Horizons Ventures with strategic clinical investors will enable Harrison.ai to expand globally while leveraging medical expertise and reach.

Capacity in many areas of clinical diagnosis and treatment are under strain due to ongoing increases in healthcare demand contrasted with skills shortages and pandemic-related backlogs in clinical demand. Developed healthcare systems such as the UK and US face massive shortages in skilled radiologists and clinicians, with significantly more staff required to meet surging demand for diagnosis. Despite this shortage, there is a stark disparity to other markets — the US has approximately 11 radiologists per 100,000 people compared to just 0.35 radiologists per 100,000 people in Kenya.

Dr Aengus Tran, Co-Founder and CEO of Harrison.ai, said: “Delivering equitable, effective and accurate healthcare to more people is a critical part of our mission at Harrison.ai, and as we emerge from the pandemic that mission is more important than ever. With our model and methodology now proven across multiple clinical areas, we are in a position to expand to new clinical areas and deliver on our mission with the support of our investors and partners.”

The new partnership with Sonic Healthcare marks the next stage on the mission to deliver equitable healthcare. It will combine Harrison.ai’s depth of expertise with Sonic Healthcare’s clinical experience and distribution to commercialise an effective and accurate AI solution in pathology rapidly.

Globally, pathology faces an even more stark skills shortage, with the number of US pathologists decreasing 18% between 2007 and 2017 despite an increase in workload. Building comprehensive AI solutions for pathology will help scale the capacity of diagnostic care across the globe.

“Sonic Healthcare’s deep clinical experience and understanding combined with our proven AI methodologies will create a powerful new way to support clinicians to more effectively and efficiently diagnose patients in pathology,” Dr Tran said.

Dr Colin Goldschmidt, CEO of Sonic Healthcare, said: “The formation of a joint venture with Harrison.ai is an exciting moment in Sonic Healthcare’s progression as a healthcare company. Harrison.ai is a smart, agile, and medically led company with a proven track record in the healthcare AI space.”