Enlitic raises $25M to fund AI approach to detect cancer faster

Health technology startup Enlitic has completed a $25 million round of Series B-1 financing, valuing the company nearly four times higher than it was earlier this year, CEO Kevin Lyman said.

Enlitic’s basic premise is fairly simple. The company uses artificial intelligence to train software to read things like radiology scans. Figure out what’s a potentially cancerous lump, what’s just a bump and enable physicians to see things earlier and diagnose more accurately.

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The company closed its earlier $15 million Series B funding round in April. In the half year since, “we’ve nearly quadrupled our valuation,” Lyman said in an interview with Bloomberg Television’s Francine Lacqua, adding the company’s investors see “very clear signs” the company can grow toward unicorn status in the future.

He did not put an exact number on the company’s current valuation. Lyman, in a separate statement, said the company would formally roll out its latest software platform in December, with a view toward market deployment in 2020.

Bloomberg News