Heath Start-Up Enlitic Raises $25 Million In AI-Backed Bid to Detect Cancer Faster

(Bloomberg) -- Health technology startup Enlitic announced it had completed a $25 million round of Series B-1 financing, valuing the company nearly four times higher than it was earlier this year, CEO Kevin Lyman said.

Enlitic’s basic premise is fairly simple. The company uses artificial intelligence to train software to read things like radiology scans. Figure out what’s a potentially-cancerous lump, what’s just a bump, and allow doctors to see things earlier and diagnose more accurately.

The company closed its earlier $15 million Series B funding round in April. In the half year since, “we’ve nearly quadrupled our valuation,” Lyman said in an interview with Bloomberg Television’s Francine Lacqua, adding the company’s investors see “very clear signs” the company can grow toward unicorn status in the future.

He did not put an exact number on the company’s current valuation. Lyman, in a separate statement, said the company would formally roll out its latest software platform in December with a view toward market deployment in 2020.

--With assistance from Francine Lacqua.

To contact the reporter on this story: Derek Wallbank in Singapore at dwallbank@bloomberg.net

To contact the editors responsible for this story: Chua Baizhen at bchua14@bloomberg.net, Niluksi Koswanage

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