• Memorandum of Understanding to be inked between Lunit and Seha Virtual Hospital, marking a new era in Saudi Arabia's healthcare innovation movement

[SEOUL, South Korea, October 26, 2023] Lunit (KRX:328130.KQ), a leading provider of AI-powered solutions for cancer diagnostics and therapeutics, today announced its full-fledged participation in the 'Saudi Vision 2030' Healthcare Sandbox. Lunit's involvement in the Sandbox signifies a broader commitment to advancing the Saudi Arabian healthcare sector.

The Healthcare Sandbox, initiated by the Saudi Arabian Ministry of Health in line with the Saudi Vision 2030 strategy, is designed to facilitate the digital transformation of the Kingdom’s healthcare industry. Partners are offered a business-friendly environment that encourages active collaboration with medical institutions nationwide, attracts investment, and opens avenues for business expansion.

As part of the Sandbox, Lunit will immediately sign a Memorandum of Understanding (MoU) with Seha Virtual Hospital (SVH). The collaboration aims to strengthen the partnership and contribute significantly to the Kingdom's national cancer screening program. The signing ceremony will take place on October 29th in Riyadh, with key dignitaries in attendance, including Brandon Suh, CEO of Lunit, Dr. Mohammed Alhamali, Director of Innovation and Business Development at Seha Virtual Hospital.

Under the MoU, Lunit will provide SVH and its network of approximately 150 connected hospitals with the Lunit INSIGHT suite, an AI-powered solution for timely cancer detection. The initial deployment will start at King Saud Medical City in Riyadh, and Al mashaier hospitals (group of 8 hospitals) in Makkah.

In addition to enabling early-stage cancer screening, the collaboration will also focus on co-developing an AI-based CT analyzer to support more precise cancer and tuberculosis diagnosis. Furthermore, the partnership will actively work to secure high-quality healthcare data, contributing to the ongoing enhancement of Lunit's AI models.

This project represents a significant advancement over the previous collaboration, initiated in July of this year. During this prior partnership, Lunit and Seha Virtual Hospital commenced delivering and integrating Lunit's solutions for validation.

Seha Virtual Hospital, the world's largest virtual hospital, is a key part of the Kingdom's healthcare transformation initiative, the cornerstone of the Saudi Vision 2030 strategy. SVH provides medical services to approximately 480,000 patients annually, supporting 150 hospitals nationwide.

"Our expanded partnership with the Ministry of Health and Seha Virtual Hospital represents a significant step forward in improving the cancer care efforts in the Kingdom," said Brandon Suh, CEO of Lunit. "By delivering our AI-powered solution, we aim to enable early cancer detection, a pivotal factor in enhancing patient outcomes. Given that Saudi Arabia boasts the largest medical market in the Gulf Cooperation Council, this initiative underscores a meaningful impact on healthcare in the Middle East, and we eagerly anticipate contributing our expertise to this essential endeavor."

According to Business Markets Insights, the medical imaging informatics market in the Middle East and Africa (MEA) was valued at USD 1,607 million in 2021 and is projected to exceed USD 2,046 million by 2028, with an expected CAGR of 3.5% from 2021 to 2028. With Saudi Arabia being the largest market in the MEA, accounting for 22.7%, the collaboration holds immense potential for Lunit's expansion and impact in the region.