Taiwanese AI healthtech startup bags $2.7m in Asus-led round

Taiwan’s Deep01, a startup that provides AI-based healthcare solutions such as medical imaging, said it has raised US$2.7 million in a round led by global electronics manufacturer AsusTeK.

The round also saw participation from BE Capital and Digital Economy Fund, co-funded by the Industrial Technology Research Institute and the Institute for Information Industry, according to a statement.

Corporate vice president and co-head of Asus’ AIoT business group Albert Chang (left) and Deep01 CEO and co-founder David Chou / Photo credit: Deep01

Established in 2016, Deep01 develops an AI software that helps physicians accurately interpret computerized tomography (CT) images of the brain. It claims its product can detect acute intracerebral hemorrhage (ICH) – a type of stroke – for accident and emergency (A&E) departments with an accuracy of 93% to 95% at 30 seconds per case.

Deep01 claims to be the first AI company in Asia Pacific to obtain US Food and Drug Administration (FDA) clearances in July 2019. Its technology also won approval from Taiwan’s FDA in February this year.

What problem is it solving? Stroke and brain trauma, which are commonly seen in A&E departments, are the main causes of acute brain hemorrhages, a spokesperson for the startup told Tech in Asia. After a patient takes a CT scan, a doctor would have to check and see if a radiologist or neurosurgeon is needed for consultation.

Deep01’s solution helps save time by quickly analyzing CT images and highlighting ICH or related cases so patients get treatment in time.

What’s the opportunity? According to the Centers for Disease Control and Prevention, more than 795,000 people have a stroke each year, costing an estimated US$34 billion in medical expenses and missed days of work annually.

“All stroke patients require a brain CT scan to detect brain bleeding, and that is where Deep01 can help,” the Deep01 spokesperson said.

Moving forward, the company aims to expand into global markets and offer more AI-based services to A&E, radiology, and neurosurgery departments.

“The ICT and healthcare industries in Taiwan are competitive on the international stage, and successful cases of commercialization will make our product more feasible in the global market,” said Deep01 founder and CEO David Chou.

What are its challenges? The company said its biggest struggle is working to bridge the medical industry with innovations in the healthtech sector.

“The medical industry is relatively conservative, while AI is innovative. You will need to work with professionals from both areas and combine them,” the spokesperson said.

Being based in Taiwan is an advantage for Deep01, given the country’s performance in both technology and medical treatment.