Lunit Inc., a South Korean AI company specializing in cancer diagnostics, has acquired New Zealand-based Volpara Health Technologies Ltd. for 264.7 billion won ($194 million). This acquisition, announced on Wednesday, grants Lunit full ownership of Volpara, a leading developer of AI software for breast cancer detection.
The strategic purchase is set to bolster Lunit’s capabilities in cancer diagnostics and facilitate its entry into the US market, where Volpara generates the majority of its revenue. Lunit, listed on Kosdaq, aims to integrate Volpara’s advanced breast health platform— including breast density assessment and Scorecard™ software—with its own AI-powered solutions for breast cancer detection.
Volpara’s Scorecard™ AI software is renowned for assessing breast tissue composition, enhancing screening workflows, and improving diagnostic accuracy. “While our initial focus remains on breast cancer, both Lunit and Volpara are committed to broadening our offerings to address a wider range of cancers and medical conditions,” stated Brandon Suh, CEO of Lunit.
The acquisition is expected to enable Lunit to develop autonomous AI models for cancer screening, detection, and diagnosis, potentially reducing the need for radiologist intervention. Suh noted that the advancement in AI technology could soon allow for AI-only medical services in areas like X-ray analysis.
With an office in Seattle, Volpara supplies breast cancer detection software to 2,000 medical institutions in the US, offering Lunit a robust customer base and access to a vast trove of multinational and multiethnic medical data. This move is timely, as the US Preventive Services Task Force recently recommended lowering the breast cancer screening age from 50 to 40, signaling continued growth in the AI-powered cancer diagnostics market.
Lunit plans to promote Volpara’s products across Europe, Asia, the Middle East, and South America, leveraging its established footholds in these regions.
