The Federal Government has taken a $32 million equity stake in a Sydney medical technology company to keep the operations based in Australia.
Through the National Reconstruction Fund, the investment in Harrison.ai will also help it advance its range of radiology and pathology diagnostic support tools.
Federal Industry and Science Minister Ed Husic said Harrison.ai technology used artificial intelligence (AI) to read CT scans and X-rays to support detection and diagnosis of medical conditions with exceptional speed and accuracy.
Minister Husic said it was already deployed in more than 1000 healthcare facilities around the world, with the technology helping diagnose more than six million patients annually.
“By identifying conditions that can be missed by specialists, this remarkable technology provides doctors with a second set of eyes, improving patient outcomes with faster and more accurate diagnoses,” he said.
Minister Husic said the investment would help keep the company based in Australia, while supporting global expansion plans.
“Quicker diagnoses lead to earlier treatment and more lives saved, Harrison.ai is breakthrough technology that will do exactly that,” he said.
“Using Al will make radiology more precise and will increase the quality of life for Australians and people the world over.”
Harrison.ai co-founder and CEO Aengus Tran said Australia had the potential to lead in clinical Al 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,” Dr Tran said.
