SymphonyAI Group has acquired TeraRecon, a provider of advanced visualization and AI solutions for medical imaging.
The portfolios enterprise, which manages business-to-business AI companies, plans to use TeraRecon’s resources and expertise to establish a new portfolio of healthcare AI solutions in the field of medical imaging.
“We accelerate high-value AI solutions to market to meet the needs of specific vertical industry use cases,” said Dr. Romesh Wadhwani, founder and CEO of SymphonyAI Group, in a statement. “TeraRecon has demonstrated the value AI can play in the medical imaging market. We believe that TeraRecon AI technology can continue to deliver unprecedented benefits to doctors and patients and expand into new areas of the healthcare enterprise."
TeraRecon will operate as an independent portfolio company under the SymphonyAI Group, using newly patented AI and platform technology to continue expanding its open platform for advanced visualization and AI solutions.
In addition to its solutions for extracting findings in medical images used in radiology, cardiology and vascular surgery, TeraRecon will develop and increase the use of AI in other clinical specialties. These include neurology and oncology. Its technology is expected to complement the precision oncology offerings of portfolio company Concerto HealthAI.
SymphonyAI Group will, meanwhile, work with TeraRecon’s engineering and product teams to invest in infrastructure and key initiatives for producing new advancements and offerings.
“With the backing of SymphonyAI Group and the recent recognition of two powerful patents, TeraRecon can think bigger and work faster than ever before,” said Jeff Sorenson, president and CEO of TeraRecon, in a statement. “Having been chosen for such an impressive and selective portfolio is truly an honor and an ideal outcome for our employees, customers, and stockholders."
As per the agreement, SymphonyAI Group CEO Romesh Wadhwani and partners Vibhor Rastogi, Leif Pedersen, and Pradyut Shah will join Sorenson on TeraRecon’s board of directors.
TeraRecon will present its solutions at the European Congress of Radiology (ECR) 2020 Annual Meeting on July 15-19 in Vienna. It was also scheduled to do the same at HIMSS prior to the decision to cancel the conference
Financial terms for the agreement were not disclosed.