Subjects: Product/Service, Funding
Riverain Receives $15 Million Growth Capital Investment
Riverain Technologies, a leading provider of clinical artificial intelligence software used to efficiently detect lung disease at its earliest stages, has received a $15 million growth investment led by Ping An Global Voyager Fund.
Riverain 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 ClearReadTM 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.
"We patiently supported Riverain's growth over the years because we know its technology leads to better patient outcomes," said Mike Mathile, Chairman of the Riverain Board of Directors and a member of the Mathile family who partnered with the Glennon family to launch Riverain. "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."
Steve Worrell, Riverain's CEO, noted that "Our ClearReadTM technology is designed to aid radiologists in helping patients by allowing them to be more accurate in detecting lung disease in medical images. We are excited to extend our proven technologies and methods to applications beyond the thoracic region and to make those applications available globally with the help of our partners."
"Detecting cancer at its earliest stages is critical in driving the best outcomes for patients with the disease," said Dr. Marco Huesch, Managing Director and Chief Medical Officer of the Ping An Global Voyager Fund. "We are excited to be partnering with a proven innovator like Riverain to advance cancer care globally."
Riverain will use the investment to extend and accelerate the development of products in the thoracic region and elsewhere in the human body and to rapidly scale commercially inside and outside the US through established and developing distribution channels.
John Rompon, Managing Partner of Marjo Investments LLC, advised the Mathile and Glennon families regarding the investment, will be investing in the company as part of this round, and will serve as a member of the Board of Directors.
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.
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 $15 and $50 million in non-control positions in companies where an affiliation with Ping An is likely to create significant mutual value over time. As of September 2019, the Fund has invested approximately $250 million (USD) across Europe, North America, China and Israel.
About Marjo Investments LLC
Marjo Investments LLC is a private investment firm that invests with and for family offices in a variety of industries, including healthcare, business services and logistics. Learn more at: www.marjoinvestments.com.
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