Intel Capital, the investment arm of the US-based Intel Corporation [INTC:US], has invested an undisclosed amount in the Chinese medical imaging AI company HuiyiHuiying (HY), as reported by DealStreetAsia on November 8. Beijing Singularity Power Investment Fund (SPC) participated in the investment round as well. HuiyiHuiying stated it plans to utilize the funding to boost its R&D, product innovation, talent recruitment initiatives, and to expand its global market reach. The company currently operates in over 800 medical institutions in China alone and is preparing to enter overseas markets in the US, Japan, Southeast Asia, India, and Europe.
Since its establishment in 2015, HuiyiHuiying has received investments from several venture capital firms including CDH, Delta Capital, Bluerun Ventures, and Yield Capital, and has previously collaborated with Intel on a joint AI laboratory. However, this move is both Intel Capital and SCP’s first investment in the Chinese medical AI industry. AI has vast potential to revolutionize the medical industry, and both Chinese and US companies are racing to claim a stake in the industry’s future. The International Data Corp recently reported that the AI-backed healthcare market in China is predicted to be worth up to USD930m by 2022.