-Funding to Help Empower Innovative AI Applications in the Medical Industry
BEIJING, Nov. 7, 2018 /PRNewswire/ — HuiyiHuiying (HY), a leading medical imaging artificial intelligence (AI) company in China, today announced the previous close of a strategic investment led by Intel Capital with participation of Beijing Singularity Power Investment Fund (SPC), marking the first investments by the firms in the medical AI sector in China. HY will use the funding proceeds to support its business development, product innovation and talent recruitment initiatives.
HY is a medical imaging AI company committed to implementing innovative computer vision and deep learning technologies in the medical sector. The company has achieved rapid growth since its establishment in 2015 and has received investments from CDH, Delta Capital, Bluerun Ventures and Yield Capital. HY is collaborating with more than 800 medical institutions in China in clinical applications and scientific research projects, including the Chinese PLA General Hospital, Peking Union Medical College Hospital, Beijing Friendship Hospital and several medical associations. The company is expanding its business into overseas markets including the United States, Japan, Southeast Asia, India and Europe.
“After three years of dedicated development efforts, HY is leading medical AI business model implementation by building up data links and service platforms on the digitalization, mobility and intelligence of medical imaging,” said Dr. Xiangfei Chai, Founder and CEO of HY. “HY launched a series of innovative solutions based on our new patient-oriented product design principle, including the AI research platform for aortic dissection, which is the world’s first automatic segmentation of type B aortic dissection. Committed to cross-disciplinary talent development, HY sets up joint laboratories with leading medical and research institutions in China to cultivate professionals with both engineering and medical know-how.”
HY and Intel previously established a joint AI laboratory and this new investment from Intel Capital further extends their collaboration. In September 2018, Intel and HY announced the two companies will work together to develop an AI full-cycle breast health management cloud platform to support breast cancer screening and diagnosis. HY will use the investment from Intel Capital to help enhance its R&D capabilities, broaden its market reach and further grow its business as a leading medical AI solution provider.
Anthony Lin, Vice President and Managing Director of Intel Capital International, said: “Intel is committed to promoting data-driven technological innovation and supporting the exploration of AI breakthroughs and application implementation in China’s high-technology industry. HY is a leading company in the development and implementation of AI in the medical sector. We believe data combined with smart technology applications can help address major challenges within the medical industry and we look forward to working with HY to find AI-led solutions that contribute to improved health outcomes.”
SPC was established in 2015 by the National IC Industry Investment Fund, BOE Technology Group and Yizhuang SDIC. Jiaheng Wang, Managing Director of SPC, said: “We focus on investing in leading AI companies with promising prospects and maturing business models. HY has a comprehensive team with deep knowledge and insights of the medical industry. Clear development strategies, leading R&D ability, strong market expansion capability, and fully recognized customer core values all contribute to HY’s success of implementing AI in the medical industry. SPC will collaborate with HY to advance the development of AI for China’s medical industry.”
About HuiyiHuiying (HY)
Established in 2015, HuiyiHuiying is a medical imaging artificial intelligence company focused on computer vision and deep learning. Headquartered in Beijing, HY has offices in Silicon Valley, Hong Kong, Suzhou and Guangzhou. With strong R&D and business implementation capabilities, HY is an industry leader offering product lines from scientific research to clinical practice. HY implements AI in the full medical process for single disease, from screening, diagnosis to a complete prognosis prediction. HY’s multi-modal, full imaging data link is leading the industry in China. For more information regarding HY, please visit www.huiyihuiying.com.
About Intel Capital
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous driving, workload accelerators, 5G connectivity, virtual reality and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US $12.3 billion in over 1,530 companies worldwide, and more than 660 portfolio companies have gone public or been acquired. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com.
About Beijing Singularity Power Investment Fund L.P. (SPC)
Beijing Singularity Power Investment Fund L.P. (SPC) was established in 2015 by the BOE Technology Group, National IC Industry Investment Fund, Yizhuang SDIC, and industry leaders. SPC is headquartered in Yizhuang, Beijing, and has research centers in different IC innovation areas including Zhongguancun in Beijing and Silicon Valley in the USA. The initial investable funds of SPC totaled RMB 4 billion (USD 600m). SPC’s investments mainly focus on integrated-circuit design, human-computer interaction, the Internet of Things and Artificial Intelligence.