Squire Patton Boggs has advised rising Australian-based healthcare artificial intelligence (AI) Harrison.ai on its strategic joint venture with I-MED Radiology Network (Australia’s largest medical imaging service provider) and its impressive maiden capital raise of AU$29 million, one of 2019’s largest capital raises in Australia. These transactions highlight the firm’s success in assisting high-tech businesses, particularly in accessing venture capital.
The joint venture brought Harrison.ai and I-MED together to develop world-leading prediction engines for key imaging applications (such as X-ray, mammography and CT) to assist radiologists to efficiently and accurately diagnose diseases and injuries. I-MED is owned by the global investment firm Permira (which has more than €33 billion under management and has backed more than 250 businesses worldwide).
“A key part of our strategy moving forward is to collaborate with such organisations to develop AI as medical device™ solutions that improve efficiency, accuracy and safety, ultimately enhancing patient outcomes. This presents an immense opportunity for technology development and global distribution”, said Dr Aengus Tran, CEO and co-founder of Harrison.ai.
Upon establishing the joint venture, Harrison.ai closed its first Series A preferred stock capital raise of AU$29 million. The capital raise was led by Blackbird Ventures and joined by Horizons Ventures, Skip Capital, Ramsay Health Care and Founders Fund.
Mr. Dimitry Tran, co-founder of Harrison.ai, remarked, “Squire Patton Boggs made a huge effort to help us complete this complex joint venture and capital raise within a tight timeframe and in a cost-efficient manner. Lead partner Hai-Dang Nguyen brought together a team of Australian and US lawyers of the highest calibre with the technical knowledge, industry experience and know-how to provide the incisive legal advice that we required. We were particularly impressed with its strategic, commercial and pragmatic approach to problem solving. We appreciate its strong commitment, responsiveness and dedication to successfully closing these complex transactions.”
Hai-Dang Nguyen added, “We were proud to be part of the extended Harrison.ai team in bringing this exciting and innovative joint venture to a successful completion and closing one of 2019’s largest capital raises in Australia. Our involvement in the transactions was multifaceted and we were pleased to be able to apply our wide-ranging specialist expertise to assist in springboarding Harrison.ai into a promising future. We would like to congratulate Harrison.ai on its impressive achievements and look forward to providing continued global firm support for its business ventures.”
The Squire Patton Boggs core legal team advising Harrison.ai comprises Sydney Financial Services partner Hai-Dang Nguyen and Sydney and Silicon Valley Corporate partner Richard Horton, together with US Corporate of counsel Leah Brownlee and a Sydney team comprising Corporate senior associates Clive Lee and Michael Muratore, and Corporate associates Shaneel Parikh and Tom McCann.
Harrison.ai is a clinician-led healthcare artificial intelligence company that was founded by two brothers, Dimitry Tran and Dr. Aengus Tran in 2018. Dimitry and Aengus are originally from Vietnam and came to Australia as teenagers to complete high school. The Tran brothers established their credentials by building an AI algorithm (called IVY), in partnership with Virtus Health Limited (ASX:VRT), the world’s largest IVF provider.
Harrison.ai has developed, validated and deployed IVY’s AI technology to predict the likelihood of pregnancy from analysing embryo videos. IVY is a patent-pending technology that has received Therapeutic Goods of Australia (TGA) clearance. IVY is used every day and has increased the clinical pregnancy success rate in IVF-treatment by over 30% (the success rate of an average embryologist selecting a successful embryo is around 65%, whereas the discriminative power of Harrison.ai’s IVY is 93%). Harrison.ai’s objective is to provide innovative, efficient and affordable healthcare products and services to healthcare providers and patients.