Manufacturing News, Medical Manufacturing

NRF backing AI med-tech to improve health outcomes

The Federal Government’s National Reconstruction Fund is backing an Australian Al technology that transforms how diseases like cancer are detected and diagnosed.

The $32 million equity investment in Harrison.ai is set to keep its revolutionary company’s operations based in Sydney – while advancing its unique range of radiology and pathology diagnostic support tools. 

Harrison.ai technology uses Al to read CT scans and X-rays to support detection and diagnosis of medical conditions with exceptional speed and accuracy.

Already deployed in more than 1,000 healthcare facilities around the world, the technology has helped diagnose more than 6 million patients annually.

“Half of all Australians will receive a cancer diagnosis over the course of their lifetime,” said minister for Industry and Science Ed Husic.

“Quicker diagnosis lead to earlier treatment and more lives saved, Harrison.ai is breakthrough technology that will do exactly that.

“Using Al will make radiology more precise and will increase the quality of life for Australians and people the world over.”

By identifying conditions that can be missed by Specialists, the technology provides doctors with a second set of eyes, improving patient outcomes with faster and more accurate diagnoses. 

The investment announcement comes on the same day minister Husic convenes roundtables with Australia’s leading corporate users of Al and unions to consult on the Federal Government’s National Al Capability Plan.

The National Reconstruction Fund Corporation’s (NRFC) investment will also help the company expand globally.

The Government has identified seven priority areas for NRFC investment, with Harrison.ai spanning two of them – medical science and enabling capabilities.

The Government has earmarked $1 billion to invest in a critical technologies fund and $1.5 billion for medical manufacturing.

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