Lunit said that it has attracted investment of 30 billion won ($25.6 million) through Series C funding.
According to the company specializing in artificial intelligence, the funding was made by seven capitalist firms -- Legend Capital, Intervest, IMM Intervest, Kakao Ventures, Shinhan Investment Corp., NH Investment & Securities and LG CNS.
"Lunit, which has competitive technology that can compete with the world’s top-class AI companies, such as Google, IBM, and Microsoft, has come one step closer to conquering cancer with AI through the Series C funding," the company said in a press release.
Lunit CEO Suh Beom-seok also said, "The investment will help us accelerate the global expansion of AI-based chest X-ray and mammography products, which have already proven efficacy both home and abroad. It will also speed up the development of AI applications in the field of oncology."
In addition to screening for cancers such as lung cancer and breast cancer, the company plans to take one step further toward introducing AI from diagnosis to treatment, Seo added.
Some products of the Korean startup have been attracting attention from abroad and are being used in Mexico, the UAE, China, Thailand, and Taiwan.
This year, Lunit plans to commercialize its AI technology in the United States and some European countries, and further enhance the quality of global medical services, the company said.