Ping An Leads Investment in Riverain Technologies to Advance AI in Healthcare
HONG KONG and SHANGHAI,Sept. 18,2019 -- Ping An Insurance (Group) Company of China,Ltd. (hereafter "Ping An" or the "Group",HKEX: 2318; SSE: 601318) is pleased to announce Ping An Global Voyager Fund is leading an investment of US$15 Million in Riverain Technologies,a leading provider of clinical artificial intelligence software used to efficiently detect lung disease at its earliest stages.
Riverain Technologies markets advanced artificial intelligence imaging software used by leading hospitals around the world. The software significantly improves a clinician's ability to accurately and efficiently detect cancer and other cell anomalies in thoracic CT and X-ray images. The company's suite of patented ClearRead(TM) software tools are FDA-cleared,deployable in the clinic or in the cloud,and powered by the most advanced artificial intelligence and machine learning methods available to the medical imaging market. Its products are relied upon by leading healthcare institutions,including Duke University,Mayo Clinic,University of Chicago,University of Michigan,and Veterans Affairs hospitals.
Dr. Marco Huesch,Managing Director and Chief Medical Officer of the Ping An Global Voyager Fund,said,"Detecting cancer at its earliest stages is critical in driving the best outcomes for patients with the disease. We are excited to be partnering with a proven innovator like Riverain Technologies to advance cancer care globally."
"We patiently supported Riverain Technologies' growth over the years because we know its technology leads to better patient outcomes," said Mike Mathile,Chairman of the Riverain Technologies Board of Directors and a member of the Mathile family who partnered with the Glennon family to launch Riverain Technologies. "Adding the global reach of the Ping An Global Voyager Fund will allow us to more rapidly expand our product development efforts and deploy our technology to patients across the globe."
About Ping An Group
Ping An Insurance (Group) Company of China,Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With 196 million retail customers and 576 million Internet users,Ping An is one of the largest financial services companies in the world.
Ping An has two over-arching strategies,"pan financial assets" and "pan healthcare," which focus on the provision of financial and healthcare services through our integrated financialservices platform and our five ecosystems of financial services,health care,auto services,real estate services and smart city services. Our "finance + technology" and "finance + ecosystems" strategies aim to provide customers and internet users with innovative and simple products and services. As China's first joint stock insurance company,Ping An Group is committed to upholding the highest standards of corporate reporting and corporate governance. The Company is listed on the stock exchanges in Hong Kong and Shanghai.
PingAnranked 7th on the Forbes Global 2000 list and 29th on the Fortune Global 500 list. Ping An also ranked 40th on the 2019 WPP Millward Brown BrandZ(TM) Top 100 Most Valuable Global Brands list. For more information,please visitwww.pingan.cn.
About Ping An Global Voyager Fund
Established in 2017 by Ping An Insurance (Group) Company of China,Ltd ("Ping An"),the Ping An Global Voyager Fund is a Hong Kong-based investor in growth stage fintech and healthtech companies. The fund typically invests between US$15 and US$50 million in non-control positions in companies where an affiliation with Ping An is likely to create significant mutual value over time. As at September 2019,the Fund has invested approximately US$250 million across Europe,North America,China and Israel.
About Riverain Technologies
Riverain Technologies is the leading provider of healthcare artificial intelligence software tools used to efficiently detect disease at its earliest stages. Based in Miamisburg,Ohio and founded by the Mathile and Glennon families,Riverain developed its ClearReadTM suite of products to improve patient outcomes by aiding clinicians. Learn more at:https://www.riveraintech.com
