On November 7, 2018, in Beijing, AI medical imaging leader, HuiyiHuiying, announced that it received investments from Intel Capital and Beijing Kinetic Energy Investment Fund, completing a strategic round of investment. The funds will be used for the company’s business development, product innovation, and team expansion. This marks the first time that Intel Capital and Beijing Kinetic Energy Investment Fund invest in a medical AI company in China. CEC Capital served as the sole financial adviser to HuiyiHuiying during this round of financing.
HuiyiHuiying is a global AI medical imaging company committed to bringing computer vision and deep learning technologies to the medical field. HuiyiHuiying has received investments from CDH Investments, Delta Capital, BlueRun Ventures, and Yield Capital. Since it was founded in 2015, HuiyiHuiying has been growing steadily. HuiyiHuiying has cooperated with more than 800 medical institutions in China, including the PLA General Hospital (301 Hospital), Peking Union Medical College Hospital, and Beijing Friendship Hospital, to complete clinical and scientific research. HuiyiHuiying has established business operations in the United States, Japan, Southeast Asia, India, and Europe.
Dr. Xiangfei CHAI, Founder and CEO of HuiyiHuiying, commented, “During its three years of rapid development, HuiyiHuiying has worked to bring mobile, intelligent, and digital technologies to the medical industry, while establishing complete service supply and data supply chains. In 2017, Huiyihuiying was the first company to commercialize an AI medical product. In 2018, HuiyiHuiying pioneered a patient-centered model for product design and launched a series of innovative products, including the aortic dissection AI research platform (the world’s first automatic segmentation method for type B aortic dissection). HuiyiHuiying has trained many talented individuals that understand both science and business. The company has established joint laboratories with a number of leading medical institutions and research institutes to jointly train these talented individuals.”
CEC Capital has provided services to many companies in the medical industry. CEC Capital has a deep understanding of trends and investment opportunities of the medical industry. The CEC Capital team includes members from scientific research institutions, investment firms, and corporate enterprises. Of the ten biggest financial transactions in the medical industry that were completed in 2017, the three transactions that were completed with the help of a financial adviser were all led by CEC Capital.
Mr. Gang LI, Partner of CEC Capital, commented, “Internet + intelligent medical care” has become an important part of the national strategic development plan in China, thus, attracting a lot of attention. It is estimated that by 2020, China’s market for medical imaging will be valued between RMB 600 billion and RMB 800 billion. Medical imaging has great prospects because of the sizeable amount of data that is available, its applications for AI, and its large clinical treatment value. Medical imaging products are being commercialized at a relatively quick pace. CEC Capital is optimistic about HuiyiHuiying and its capabilities for research, development, and commercialization of cutting-edge medical imaging products. CEC Capital helped HuiyiHuiying to find investors from around the world and complete this most recent round of financing.
The cooperation between HuiyiHuiying and Intel dates back to a few years ago when the two co-established a lab for AI research. In September 2018, Intel teamed up with “TRENDSHEALTH” at the 2018 Pink Ribbon Campaign and Smart Medical Theme Festival to host a breast cancer prevention and treatment event that was titled “Protect with Love, Prevent with AI”. At the event, Intel and HuiyiHuiying jointly launched the “AI Breast Cycle Health Management System”, which aims to provide improved methods for screening for and treating breast cancer. Intel’s investment will strengthen the R&D capabilities of HuiyiHuiying while expanding the company’s influence around the world and helping the company to become an industry leader.
Mr. Lizhong LIN, Vice President and Managing Director of International Business at Intel Capital, explained, “Intel Capital is committed to promoting data-driven technological innovations while supporting the development of intelligent technologies in China. The progress of HuiyiHuiying reflects the medical industry’s progress with respect to developing AI technology products. We are looking forward to sharing our technological resources, including our end-to-end AI technologies, with HuiyiHuiying to help them to address the major challenges of the medical industry. In this way, we hope to accelerate the progress of the medical industry, and improve health services for all of humanity.”
Beijing Kinetic Energy Investment Fund is a professional investment institution that was jointly established by the China Integrated Circuit Industry Investment Fund, BOE Technology Group, and Beijing E-Town Emergent Industry Investment Fund. Mr. Jiaheng WANG, Managing Director of Beijing Kinetic Energy Investment Fund, commented, “Beijing Kinetic Energy Investment Fund is most interested in the AI companies that are working on products with a broad range of applications that are nearly ready to be commercialized. The medical team at HuiyiHuiying has a keen understanding of the medical industry. The company’s development strategy is clear. Its R&D capabilities are of the best. Its market expansion capabilities are promising. The company’s work has earned the approval of its clients. The company has successfully commercialized many of its AI products. The cooperation between Beijing Kinetic Energy Investment Fund and HuiyiHuiying strives to promote the rapid and substantial development of AI medical technologies in China.”
Since its establishment, HuiyiHuiying has received a great deal of positive recognition from the business community. HuiyiHuiying is led by Dr. Lei XING, Director and Tenured Professor at the Medical Physics Center at Stanford University. The company employs the world’s top experts of deep learning AI as well as dozens of medical and engineering experts. Sixty percent of the company’s employees focus on R&D.
Founded in 2015, HuiyiHuiying is a top-level AI medical imaging company in China dedicated to the development of products that utilize deep learning AI and computer vision technologies. HuiyiHuiying has its headquarters in Beijing and branch offices in Silicon Valley, Hong Kong, Suzhou, and Guangzhou. HuiyiHuiying is a leader with respect to the development and commercialization of technology products. The company has completed the necessary steps (i.e. scientific research and clinical studies) to support multiple products lines. The company has established AI-powered systems for disease screening, intervention, and prognosis. HuiyiHuiying is the only high-tech imaging company in the industry to make use of multimodal and complete medical imaging datasets. If you would like to learn more about HuiyiHuiying, you can visit their website www.huiyihuiying.com
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