SymphonyAI Group Acquires Healthcare Imaging AI Technology Leader TeraRecon
TeraRecon will accelerate innovation in its advanced visualization and AI platforms for image-related decision support to clinical specialists
LOS ALTOS, California and DURHAM, North Carolina, March 4, 2020 /PRNewswire/ -- SymphonyAI Group, an operating group of leading business-to-business AI companies, today announced the acquisition of TeraRecon, the market-leading advanced visualization and AI solution provider for medical imaging. As SymphonyAI Group's seventh portfolio company, TeraRecon has a charter to establish a new portfolio of healthcare AI solutions focused on medical imaging.
Using newly patented AI and platform technology, TeraRecon will continue to focus on expanding its open platform for advanced visualization and AI-driven solutions. TeraRecon will accelerate the use of AI in other clinical specialties, including neurology and oncology, in addition to its market-leading solutions in radiology, cardiology, and vascular surgery.
SymphonyAI Group will invest in infrastructure and key initiatives to rapidly produce new advancements and offerings through TeraRecon's industry-leading engineering and product teams. TeraRecon will operate as an independent portfolio company in the SymphonyAI Group. Synergies with TeraRecon technologies will complement the precision oncology offerings of portfolio company Concerto HealthAI.
Used by over 900 health systems globally, TeraRecon solutions provide radiologists and other highly specialized physicians with the software tools they need to quickly visualize and extract critical clinical data from medical images.
Jeff Sorenson, president and CEO of TeraRecon, said, "In just a few years, our company has not only transformed the realm of advanced visualization with artificial intelligence but also our entire industry. Now with the backing of SymphonyAI Group and the recent recognition of two powerful patents, TeraRecon can think bigger and work faster than ever before. Having been chosen for such an impressive and selective portfolio is truly an honor, and an ideal outcome for our employees, customers, and stockholders."
Dr. Romesh Wadhwani, founder and CEO of SymphonyAI Group, said, "The SymphonyAI Group mission is to use AI to transform the enterprise. We accelerate high-value AI solutions to market to meet the needs of specific vertical industry use cases. 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."
Vibhor Rastogi, investment partner at SymphonyAI Group, said, "Artificial intelligence in medical imaging is expected to deliver several breakthroughs spanning a wide range of clinical areas and modalities. With the acquisition of TeraRecon, SymphonyAI Group is bolstering its portfolio of AI-enabled enterprise solutions for the healthcare and life sciences industries. We are committed to leveraging AI to deliver breakthrough therapies and care delivery models."
TeraRecon CEO Jeff Sorenson will be joined on the company's board of directors by SymphonyAI Group CEO Romesh Wadhwani and partners Vibhor Rastogi, Leif Pedersen, and Pradyut Shah.
TeraRecon will demonstrate its full suite of AI-driven technologies at the upcoming Health Information and Management Systems Society (HIMSS) 2020 Annual Meeting on March 9-13 in Orlando, Fla. and the European Congress of Radiology (ECR) 2020 Annual Meeting on July 15-19 in Vienna.
Cantor Fitzgerald & Co. acted as exclusive financial advisor to TeraRecon in connection with the transaction.
About TeraRecon
TeraRecon is a leader in medical advanced visualization and artificial intelligence solutions. Their flagship product, iNtuition, consistently leads the advanced visualization category of the industry's leading independent technology analyst. The company continues to innovate ahead of customer demand and has most recently developed sophisticated healthcare-focused artificial intelligence platform solutions unlike any in the world today. EnvoyAI was the recipient of the prestigious Aunt Minnie 2018 Best New Radiology Vendor award. TeraRecon's Northstar AI Results Explorer is the first and only enterprise-wide solution capable of delivering AI imaging insights directly and interactively into the systems clinicians use every day. As a company with a 20-year history of innovation, TeraRecon's mission is to continuously redefine medical advanced visualization and leverage artificial intelligence to improve patient care. Website: www.terarecon.com
About SymphonyAI Group
SymphonyAI Group is the fastest-growing private group of B2B AI companies, backed by a $1 billion commitment to deliver next-generation AI solutions for transforming the enterprise. SymphonyAI Group addresses use cases in healthcare and life sciences, retail and CPG, industrial manufacturing, energy, oil & gas, media and entertainment, defense, and financial services. Since its founding in 2017, SymphonyAI Group has grown rapidly to a group of seven companies with a combined revenue run rate of more than $300 million. Over 2,000 talented leaders, data scientists, and other professionals operate the group under the leadership of one of Silicon Valley's most successful serial entrepreneurs, Dr. Romesh Wadhwani. Website: www.symphonyai.com
TeraRecon Press Inquiries US: 1-650-372-1100 | info@terarecon.com
SymphonyAI Group PR contact: Kara Luk | Nadel Phelan, Inc. | 831-440-2404 | Kara.luk@nadelphelan.com
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