AI medical software company Lunit to open subsidiary in Europe

South Korea's Lunit, an artificial intelligence (AI) medical software company, on Friday said its board meeting held on the previous day decided to open a subsidiary in Europe dubbed Lunit Europe Holdings.

To be a wholly owned affiliate of Lunit, the Netherlands-based subsidiary will soon start hiring workers from the region.

Lunit previously sold its products through its European branch, but its decision to set up a subsidiary is intended to expand its sales network in Europe and boost tieups with global medical device companies.

Lunit said it expects higher sales of Lunit Insight MMG, an AI image analysis solution for mammographies, given Europe's shortage of radiology specialists.

If business on the Continent grows, Lunit will set up more companies in major European countries.

"The establishment of Lunit Europe Holdings is a stepping stone to expansion of profitability on the European market through boosting Lunit's global capabilities and brand awareness," said Lunit CEO Suh Beom-seok.

The company's sales last year reached 13.8 billion won ($10.6 million) as Lunit became the first domestic medical AI company to break 10 billion won in revenue.

Write to Ji-Hyun Lee at bluesky@hankyung.com