The National Reconstruction Fund is making large investments in start ups with the capacity to manufacture in Australia (like EMV currently - but with a need to scale up once approvals are issued).
This most recent investment in Harrison.ai technology is a strong indicator of our eligibility for this - although probably not until the validation trial has been completed and approvals granted. We tick all the same boxes.
NRF backing AI to help improve health outcomes29 January 2025
The Albanese Government's National Reconstruction Fund is backing a pioneering Australian Al technology that transforms how diseases like cancer are detected and diagnosed.
The $32 million equity investment in Harrison.ai will help keep the 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 helps diagnose more than 6 million patients annually.
By identifying conditions that can be missed by Specialists, this remarkable 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 Albanese 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.
Since November, the NRFC has announced $400 million in funding commitments as part of a strong pipeline of investments.
For more information, visit
www.nrf.gov.au.
Quotes attributable to Minister for Industry and Science Ed Husic:"Half of all Australians will receive a cancer diagnosis over the course of their lifetime.
"Quicker diagnoses 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.
“This is an Australian success story that will continue to operate in Australia thanks to the NRF's investment, growing our medical and Al capabilities.
“This is what we want to see more of - brilliant Aussie know-how creating thriving world-beating businesses.”
Quotes attributable to NRFC Chair, Martijn Wilder AM:“There is currently a severe global shortage of radiologists and pathologists resulting in significant diagnostic delays that can have life-threatening consequences for patients.
"Harrison.ai's technology provides medical professionals with a powerful tool to detect and diagnose medical conditions quickly and accurately, alleviating pain and saving lives."
Quotes attributable to Harrison.ai Co-founder and CEO, Dr Aengus Tran:"We believe Australia has the potential to lead in clinical Al globally.
"This investment empowers Harrison.ai to further our commitment to improving patient outcomes and accelerate adoption of our market-leading solutions in Australia and internationally.”
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