The federal government’s $15 billion National Reconstruction Fund has invested $32 million in medical diagnostics artificial intelligence (AI) company Harrison.ai.
The commitment is part of a $100 million-target Series C fundraising which Harrison.ai has been working on since mid-2025.
Chairman of the National Reconstruction Fund Corporation (NRFC) Martijn Wilder, AM, said the funding would keep Harrison.ai based in Australia.
This investment is the NRF’s seventh in three months and means it has invested close to $450 million so far in the current financial year.
Founded in 2018 by brothers Dimitry and Dr Aengus Tran, Harrison.ai’s technology can read medical scans, tag abnormalities and indicate which scans require the most urgent clinical attention.
The Harrison.ai technology, the latest version of which was launched in September last year, is already used in around 1,000 healthcare facilities around the world including by the UK National Health Service.
Announcing the investment on 29 January, the National Reconstruction Fund Corporation said the funding will be used to further develop Harrison.ai’s suite of radiology and pathology capabilities.
Wilder said: “There is currently a severe global shortage of radiologists and pathologists resulting in significant diagnostic delays that can have life-threatening consequences for patients. Harrison.ai’s technology provides medical professionals with a powerful tool to detect and diagnose medical conditions quickly and accurately.
“The NRFC’s investment in Harrison.ai will ensure that the company continues to base its operations in Australia. It will also enable Harrison.ai’s continued growth and global expansion – and provide employment opportunities for Australian engineers, clinical AI experts and research professionals.”
NRCF chief investment officer Dr Mary Manning said the investment in Harrison.ai was the first in the fund’s medical science priority area. More are expected.
Dr Aengus Chan, chief executive of Harrison.ai, said: “We believe Australia has the potential to lead in clinical AI, globally. This investment empowers Harrison.ai to further our commitment to improving patient outcomes and accelerate adoption of our market-leading solution in Australia and internationally.”
Existing investor HongKong-based Horizons Ventures led a $129 million Series B fundraising round in Harrison.ai in late 2021. That round was supported by other existing investors, Blackbird Ventures and Skip Capital plus new investors, medical diagnostics company Sonic Healthcare (ASX: SHL) and I-MED Radiology Network, which is an investee of European private equity firm Permira.
Set up by the Labor federal government in September 2023, the NRFC is charged with diversifying and modernising Australia’s industry and economy and invests via equity stakes, direct loans, and loan guarantees. The corporation is targeting seven priority areas: resources, transport, medical science, defence capability, renewables and low emission technologies; value add in agriculture, forestry and fisheries; and enabling capabilities.
Former National Australia Bank head of corporate and institutional banking David Gall was announced as chief executive of the NRCF on 28 January.
Image: Harrison.ai’s technology can read medical scans and tag abnormalities.