- The National Reconstruction Fund Corporation (NRFC) has announced a $32 million equity investment in Harrison.ai, a Sydney-based pioneer of artificial intelligence (AI) technology for the medical sector.
- The NRFC’s investment will be used by Harrison.ai to further develop its suite of radiology and pathology diagnostic capabilities. These capabilities detect and diagnose medical conditions like cancer quickly and accurately, alleviating pain and saving lives.
- The investment will also help to ensure harrison.ai continues to base its operations in Australia, growing local employment opportunities for Australian engineers, clinical AI experts and research professionals.
The NRFC is helping to improve health outcomes for Australians using advanced AI medical diagnostic support technology developed in Australia. This is being done through a $32 million equity investment in Harrison.ai which provides AI diagnostic support solutions for the medical sector.
Harrison.ai’s pioneering technology uses AI to review CT scans and X-rays to support the detection and diagnosis of medical conditions. The company’s technology enables clinicians to detect cases of cancer and other illnesses quickly and accurately. This significantly increases the number of treatable cases and the survivability of patients. Harrison.ai’s technology assists clinicians, providing them with a second set of eyes to help improve patient outcomes.
NRFC Chair Martijn Wilder AM said, “There is currently a severe global shortage of radiologists and pathologists, resulting in significant diagnostic delays that can have life-threatening consequences for patients. 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. Through its diagnostic capabilities, Harrison.ai demonstrates the incredible possibilities that AI and other advanced technologies that have been developed in Australia enable for improving health outcomes around the world.”
The NRFC’s equity investment is part of Harrison.ai’s Series C funding round. This funding will be used by the company to further develop its suite of radiology and pathology diagnostics. The funding will also allow Harrison.ai to continue expanding its services into other hospitals and healthcare facilities in Australia and around the world.
“The NRFC’s investment in Harrison.ai will ensure that the company continues to base its operations in Australia. It will also enable Harrison.ai’s continued growth and global expansion – and provide employment opportunities for Australian engineers, clinical AI experts and research professionals,” Mr Wilder AM said.
Harrison.ai’s proprietary AI solutions can detect up to 124 findings on chest X-rays and up to 130 findings on non-contrast head CTs. Harrison.ai’s software is currently live in over 1,000 healthcare facilities around the world, including the UK’s National Health Service. It is supporting the care of more than 6 million patients per year globally.
Harrison.ai’s Co-founder and CEO Dr Aengus Tran said, “We are grateful to receive this investment from the NRFC, which we see as an endorsement of the impact Harrison.ai is having in revolutionising healthcare through AI.
“We believe Australia has the potential to lead in clinical AI globally. This investment empowers Harrison.ai to further our commitment to improving patient outcomes and accelerate adoption of our market-leading solutions in Australia and internationally.”
NRFC Chief Investment Officer Dr Mary Manning said, “This is the first investment in the NRFC’s medical science priority area. Harrison.ai is a fantastic example of the positive outcomes that our investments in this priority area can have, growing and expanding a world-leading Australian business that is providing life-saving care to patients around the world.”
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Media contact: media@nrf.gov.au
About the National Reconstruction Fund Corporation (NRFC)
The NRFC invests to diversify and transform Australia’s industry and economy. It has $15 billion to invest using direct loans, equity investments and loan guarantees. The NRFC can invest in seven priority areas including value-add in resources; transport; medical science; defence capability; renewables and low emission technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities.
The NRFC’s role is to invest in Australian businesses and projects that design, refine and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.
For more information, visit nrf.gov.au
About Harrison.ai
Harrison.ai is a global healthtech company that builds market-leading, AI-powered diagnostic-support and workflow solutions for healthcare professionals.
Harrison.ai are on a mission to scale global healthcare capacity, elevate the care that clinicians can provide, and benefit millions of patients every day.
The core of Harrison.ai is a repeatable AI platform on which they are rolling out multiple solutions, including their radiology solution, Annalise.ai, and their pathology solution, Franklin.ai.
For more information, visit harrison.ai(Opens in a new tab/window)