Harrison.ai, a Sydney-based artificial intelligence startup revolutionizing medical diagnostics, has secured a $32 million investment from the National Reconstruction Fund Corporation (NRFC) as part of its anticipated $100 million+ Series C funding round. The investment aims to support the startup’s continued development of AI-driven radiology and pathology solutions and expand its presence in both Australian and international healthcare markets.
Harrison.ai’s proprietary AI technology has been trained on thousands of real-life medical images, allowing it to review CT scans and X-rays with remarkable precision. The system can detect up to 124 findings on chest X-rays and 130 findings on non-contrast head CTs, providing clinicians with a powerful second set of eyes. This innovation has already led to a significant increase in treatable cases and improved patient survival rates.
The startup’s technology is currently being used in over 1,000 healthcare facilities worldwide, including the UK’s National Health Service (NHS), where it supports the care of more than 6 million patients annually.
From IVF Algorithms to AI-Powered Diagnostics
Harrison.ai originally made headlines when Dr. Aengus Tran, at just 24 years old, developed an AI-powered algorithm capable of analyzing IVF embryo videos to determine which embryos had the highest likelihood of leading to pregnancy. Since then, the company has expanded into medical diagnostics with two flagship products:
- Annalise.ai – A radiology-focused AI solution that enhances diagnostic accuracy.
- Franklin.ai – A pathology solution designed to improve disease detection.
Backed by Leading Investors
Since its inception, Harrison.ai has attracted significant investor interest. The company raised $29 million in 2019, with backing from Horizons Ventures, Skip Capital, and Ramsay Health Care. A $129 million Series B in 2021 included support from major players like Blackbird, Sonic Healthcare, and I-MED Radiology Network. Tesla chair Robyn Denholm also serves as a director.
Expansion into the U.S. and Global Markets
Harrison.ai is now preparing for a U.S. expansion, following approval from the U.S. Medicare agency, which has authorized a $240 per scan reimbursement for hospitals using the company’s AI technology. In anticipation of this growth, co-founder Dimitry Tran has relocated to the U.S. to establish operations in the world’s largest radiology market.
Addressing Privacy Concerns
Despite its success, Harrison.ai faced scrutiny over its use of de-identified patient data from I-MED Radiology, Australia’s largest radiology provider, in developing Annalise.ai. Although the Office of the Australian Information Commissioner (OAIC) made preliminary inquiries, both Harrison.ai and I-MED assured that they adhered to strict privacy and anonymization frameworks developed by CSIRO and OAIC.
Government Support for Australian AI Leadership
The NRFC’s $32 million investment reinforces the government’s commitment to strengthening Australia’s AI capabilities. NRFC chair Martijn Wilder highlighted the broader impact of this funding, stating:
“This investment will ensure Harrison.ai continues to base its operations in Australia while enabling its global expansion. It also provides employment opportunities for Australian engineers, clinical AI experts, and researchers.”
CEO Dr. Aengus Tran sees the funding as an endorsement of Harrison.ai’s mission:
“Australia has the potential to lead globally in clinical AI. This investment empowers us to improve patient outcomes and accelerate the adoption of our solutions both in Australia and worldwide.”
NRFC’s Broader Investment Strategy
The $15 billion NRFC has been actively supporting Australia’s innovation sector. In the past two months, the fund has invested in:
- Vault Cloud – A data security startup ($22.5 million investment).
- Myriota – An IoT nanosatellite maker ($25 million contribution to a $50 million raise).
- Quantum Brilliance – A synthetic diamond technology company ($13 million investment).
With its latest funding, Harrison.ai is poised to further disrupt the $6.1 billion global arthroscopic industry, expand into new markets, and cement Australia’s position as a leader in AI-powered healthcare innovation.