The National Reconstruction Fund Corporation (NRFC) proudly announces a significant $32 million equity investment in Harrison.ai, a leading Australian company pioneering artificial intelligence (AI) in medical diagnostics. Harrison.ai secured investment in its Series C funding round to fast-track the advancement of AI-powered diagnostic tools for radiology and pathology.
Innovative solutions empower clinicians to identify and diagnose medical conditions like cancer more swiftly and precisely, leading to enhanced patient outcomes. Funding will also create local jobs in Australia by strengthening Harrison.ai’s team of engineers, clinical AI specialists, and research professionals. The Australian government actively promotes artificial intelligence and digital innovation in healthcare through this initiative while also strengthening the country’s medical technology sector.
AI transforms medical diagnostics
This crucial funding will propel Harrison.ai’s ongoing development of its groundbreaking radiology and pathology diagnostic technologies. Innovative solutions use cutting-edge analytics, data modelling, and generative AI to identify and assess medical conditions, such as cancer, with enhanced speed and precision. Harrison.ai’s innovative technology analyses medical images like CT scans and X-rays, providing clinicians with a valuable “second set of eyes” that boosts diagnostic precision and improves patient outcomes.
This addresses the urgent global shortage of radiologists and pathologists by minimising diagnostic delays that may result in serious health risks. The platform identifies up to 124 findings on chest X-rays and 130 findings on non-contrast head CTs. Harrison.ai’s solutions automate and enhance medical image analysis, allowing healthcare professionals to focus on intricate cases and improve overall efficiency in healthcare systems. This boosts the count of manageable cases, improves patient survival rates, and alleviates the strain on healthcare resources.
Investment enhances AI diagnostics
The Australian government actively promotes innovation in digital government through this investment, specifically enhancing AI and data science capabilities in the healthcare sector. This initiative empowers Harrison.ai to enhance its platform and expand accessibility to more hospitals and healthcare facilities worldwide. More than 1,000 healthcare facilities worldwide, including the UK’s National Health Service, now use Harrison.ai’s software to aid in the care of over 6 million patients each year. This global initiative improves healthcare outcomes and accessibility for patients while solidifying Australia’s position as a leader in clinical AI, driving economic growth through technological advancements.
Martijn Wilder AM, Chair of the NRFC, highlighted the investment’s dual impact on patient care and the economy: “Harrison.ai’s technology provides medical professionals with a powerful tool to detect and diagnose medical conditions quickly and accurately, alleviating pain and saving lives. This investment not only improves health outcomes but also drives local job creation, with opportunities for Australian engineers, clinical AI experts, and researchers.”
This investment will strengthen the development of high-skilled employment in Australia, ensuring that Harrison.ai remains based at home while creating valuable opportunities for local engineers, clinical AI specialists, research professionals, and data scientists. This initiative enhances the domestic AI landscape and bolsters Australia’s cybersecurity framework by nurturing local talent in this essential area.
To protect private patient data, making and using these AI-powered diagnostic tools needs strong data governance frameworks, safe cloud storage options, and better network security. The outlined requirements drive innovation and set best practices in data management and cybersecurity across the Australian public sector, establishing a benchmark for secure and responsible AI implementation.
Check out: “AI driving healthcare transformation”
Australia leads innovation
The NRFC invests in Harrison.ai, taking a significant step forward to reinforce Australia’s status as a frontrunner in clinical AI on the global stage. This investment drives innovation and advances healthcare technology by supporting the creation and implementation of cutting-edge AI-driven diagnostic tools. Australian researchers and developers will advance the frontiers of AI in medicine through this initiative, fostering a centre of expertise and attracting additional investment in the field.
Aengus Tran, co-founder and CEO of Harrison.ai, thanked the NRFC for their support: “This investment empowers Harrison.ai to accelerate our mission of improving patient outcomes through AI innovation. We believe Australia has the potential to lead in clinical AI globally, and we are committed to advancing healthcare technology to serve more patients both domestically and internationally.”
This commitment to innovation enhances the well-being of Australian patients and establishes the nation as a significant contributor in the global healthcare AI arena, paving the way for export opportunities and international partnerships. This funding propels the expansion of Harrison.ai, showcasing how strategic government backing fosters local talent and advances technology that positively influences global health outcomes.
Investment drives AI growth
The NRFC invests in Harrison.ai, driving job creation and boosting economic development across Australia. A fast-growing Australian company leading in AI for healthcare will generate high-skilled employment opportunities for engineers, clinical AI experts, research professionals, data scientists, and cybersecurity specialists across Australia. This talent boosts the local AI landscape and fosters creativity in Australia’s technology industry. This investment drives the expansion of Harrison.ai, generating additional economic advantages through its supply chain and related sectors.
Harrison.ai plans to expand its operations and strengthen its global presence by collaborating with Australian enterprises that specialise in software development, data storage, cloud computing, and cybersecurity. This sparks a chain reaction, driving growth across different sectors of the Australian economy. The NRFC invests not only in healthcare but also in building a thriving Australian technology sector, driving the country’s economic prosperity in the rapidly evolving AI landscape.
This investment paves the way for a future where AI plays a crucial role in healthcare. Harrison.ai’s initiative enhances its platform, increasing functionalities and accessibility to serve more patients worldwide. This partnership between government and industry demonstrates how strategic investment drives innovation, improves healthcare outcomes, and builds a thriving technology sector in Australia. The NRFC invests in Harrison.ai, committing to a future where AI enhances healthcare professionals’ capabilities, elevates patient care, and reinforces Australia’s leadership in medical innovation.