Harrison.ai secures AUD $179m for global expansion

Harrison.ai, an Australian healthtech company, has raised AUD $179 million (USD $112 million) in Series C funding to advance its global expansion and product development in radiology and pathology.

The financing round represents one of the largest Series C raises in Australia and the medical AI sector over the last year. It was co-led by Aware Super, ECP, and Horizons Ventures. Additional contributions came from the National Reconstruction Fund, Ord Minnett, Wollemi Capital Group, and existing investors such as Blackbird Ventures and Alpha JWC Ventures. This latest infusion brings Harrison.ai's total capital raised to over USD $240 million (AUD $387 million).

Dr Aengus Tran, Co-Founder and CEO of Harrison.ai, expressed gratitude for the investor support, stating, "We're grateful to have the continued support and confidence of our investors as we work toward scaling healthcare capacity with AI. This funding marks a significant milestone, enabling us to improve patient outcomes in even more diagnostic areas on a truly global scale."

Harrison.ai's radiology solution, Annalise.ai, is operational in over 1,000 healthcare facilities across 15 countries, aiding the care of more than 6 million patients annually. In the United Kingdom, it processes scans for more than 45 Trusts and over 131 public hospitals, accounting for 35% of chest X-rays in England. Its technology also supports all CT brain scans across public accident and emergency systems in Hong Kong.

The company reports improvements in diagnostic accuracy and early lung cancer detection rates within hospital systems using its technology. Radiologists using Harrison.ai's solutions have noted a more than 45% increase in diagnostic accuracy. Research indicates that the AI can facilitate earlier lung cancer detection, suggesting over 32% of cases might be diagnosed sooner, on average by 16 months. Additionally, it has improved clinical outcomes by increasing the proportion of cases identified at treatable stages by over 26%.

In Australia, Harrison.ai is accessible to half of the country's radiologists. A notable collaboration with South Australia Medical Imaging (SAMI) has seen the deployment of its AI across the state's public radiology services. Dr Tran highlighted the importance of this partnership as a model for future collaborations, "With the growing diagnostic backlogs in Australian hospitals, AI solutions like Harrison.ai are the unfair advantage clinicians urgently need to reduce the time to accurate diagnosis of cancer and other critical illnesses, enhancing patient outcomes. It is our hope that we can bring AI-driven diagnostic advancements to every public hospital across Australia."

Alvin Chan, Portfolio Manager for Direct Equities at Aware Super, commented, "The ability to help fund the growth of Harrison.ai's exciting proposition will not only seek to generate strong returns for our 1.1 million members but make incredible contributions to both the Australian and global healthcare communities. Harrison.ai's ability to harness the rapidly evolving opportunities out of digitisation and AI is remarkable and we look forward to supporting their long-term application to the healthcare sector."

Since its inception, Harrison.ai has advanced AI applications in healthcare, notably through its systems that assist clinicians in earlier identification of cancer and other critical illnesses. Its technology supports enhanced treatment decisions and patient outcomes, while improving efficiency in clinical workflows. In 2024, the company introduced Harrison.rad.1, a radiology-specific vision-language model, which excelled in standard radiology examinations and benchmarks against foundational models.