Riverain Technologies, a provider of clinical AI software, is receiving a $15 million infusion of investment funding led by Ping An Insurance Company’s Ping An Global Voyager Fund.
Ping An Insurance Company, based in Hong Kong, China, is one of the largest technology-powered retail financial services groups in the world, with 196 million retail customers and 576 million internet users. It ranked 29th on the Fortune Global 500 list. Riverain Technologies is based in Ohio and was founded by the Mathile and Glennon families to aid clinicians.
The funding is the latest in a stream of cash entering the AI in healthcare space.
The software is used to detect lung disease in early stages and is used by leading hospitals around the world, such as Duke University, Mayo Clinic, University of Chicago, University of Michigan and Veterans Affairs hospitals, according to the announcement. The AI-powered tech allows clinicians to more accurately and efficiently detect cancer and other cell anomalies in thoracic CT and X-ray images.
The technology’s software tools, known as ClearRead, are FDA cleared, powered by machine learning and AI and can be deployed in clinic or through the cloud.
"We patiently supported Riverain Technologies' growth over the years because we know its technology leads to better patient outcomes," Mike Mathile, chairman of the Riverain Technologies Board of Directors, said in a statement. "Adding the global reach of the Ping An Global Voyager Fund will allow us to more rapidly expand our product development efforts and deploy our technology to patients across the globe."