Lunit, a medical artificial intelligence (AI) firm led by CEO Beomseok Brandon Suh, announced on May 7th that it has successfully secured $122 million through convertible bonds (CB) to facilitate the acquisition of Volpara Health Technologies. This fundraising marks a significant milestone, demonstrating the confidence of over 30 institutional investors in Lunit's future vision, which includes expansion into new markets through overseas acquisitions and substantial revenue growth.

On May 3rd, the New Zealand High Court granted final approval for Lunit's acquisition of Volpara. Concurrently, trading of Volpara shares was suspended on the Australian stock market. With all legal formalities for the Volpara acquisition now concluded, and the transfer of acquisition funds scheduled for this month, the acquisition of Volpara is set to be completed.

In December of last year, Lunit, specializing in breast cancer screening AI, inked an acquisition deal with Volpara, boasting over 2,000 medical institutions in the United States as customers. Just four months after initiating the investment acquisition, Lunit successfully concluded its funding, with the entirety of the raised funds earmarked for the acquisition of Volpara.

Following the acquisition, Lunit intends to penetrate the global market, particularly focusing on the United States, for the sale of Lunit and Volpara products. This expansion is slated to commence as early as the end of this year, following the completion of Post-Merger Integration (PMI) procedures.

Beomseok Suh, CEO of Lunit, commented, "With the M&A approval from the New Zealand court and the completion of the fundraising, all uncertainties surrounding the Volpara acquisition have been resolved." He further added, "By leveraging the strong synergy with Volpara, we aim to consolidate our position in the global medical AI market."