Recently, artificial intelligence (AI) medical imaging company Eagle pupil Technology through the hearing, the number of Kun technology to submit the form of the Hong Kong Stock Exchange. AI medical unicorns have accelerated the listing process.
According to the 2020 science and technology maturity curve released by Gartner, which is regarded as the indicator of global science and technology, the AI industry is about to usher in an inflection point. Almost all new technologies follow the expected expansion period-bubble disillusionment period-recovery growth period-maturity period. The curve shows that after the expected digestion from 2017 to 2020, the AI industry will immediately return to the period of rapid growth from the trough expected by the market.
Figure: scientific and technological maturity curve in 2020
Jukun Technology is a Chinese artificial intelligence medical imaging company with the largest number of medical device registration certificates of the State Drug Administration, and its prospectus is an important material for the study of the AI industry.
AI Medical Imaging Golden Racetrack
Gartner also released the artificial intelligence technology maturity curve for the AI field.According to Gartner, the fastest way to move from a trough to a growing AI is in the field of computer vision recognition.Among them, the landing scene recognized by computer vision is mainly medical images.
At present, the AI medical imaging market has become one of the most promising and fastest-growing sub-industries in the medical device market.AI medical images can effectively solve the pain points in the medical industry. There are many problems in the field of medical imaging in China, such as insufficient number of imaging / radiotherapy doctors, strong subjectivity of diagnosis results lead to misdiagnosis, high rate of missed diagnosis, and time-consuming to read films and sketch. With the maturity of technology and the rapid growth of demand, the market scale of AI medical imaging ushered in explosive growth. According to the cautionary report, the global market for artificial intelligence medical imaging solutions will grow from less than $1 billion to $64.6 billion from 2020 to 2025.The compound growth rate is as high as 147.7%; it is expected to exceed trillion yuan in 2030, achieving a hundredfold growth in ten years.The field of artificial intelligence medical imaging has become a golden track.
But in this blue ocean, who has a better chance of being the winner? As an AI enterprise, the primary core competitiveness must be the hard-core scientific and technological power. Generally speakingThe key to AI technology is the ability of research and development. The core element of R & D capability is human.. For technology companies, the best founder team is a multidisciplinary background. The founders of Jukun, Mao Xinsheng and Ma Chune, are well-known experts in the industry. In addition, the company's R & D team is experienced in cutting-edge artificial intelligence technology, and its members have won championships in a number of world-class artificial intelligence competitions, including Kaggle, AIChallenger and NeurlPS, and its clinical team is composed of experienced medical industry professionals.With a strong team, Jukun Technology has formed a strong interdisciplinary R & D capability.
On the basis of leading computing power and excellent team, Sikun Science and Technology has formed the strength of hard core science and technology.According to the prospectus, Jukun Technology obtained one SFDA Class III medical device registration certificate, ten SFDA category II medical device registration certificates and two MDR CE certifications. According to the number of medical device registration certificates of the State Drug Administration, Jukun Technology ranks first in China's artificial intelligence medical imaging company (source: burning knowledge report).
II. Rapid release of commercialization potential
After three years of expected digestion, the AI industryThe logic of investment has changed dramatically-from chasing hot tracks to focusing on the landing of AI products and the sustainability of the business model.
Judging from the prospectus, the commercialization ability of Jukun Technology is far ahead of the industry average.
First,Judging from the speed of product research and developmentIn a short period of four years, Jukun Technology has continuously launched 37 products, creating a rich "digital doctor product portfolio". Its product pipeline covers digital heart, digital brain, digital chest, digital abdomen, digital muscle bone and other fields, covering more than 80% of the treatment scenes of medical images.Among them, in the product portfolio, products that achieve "zero breakthrough" in the industry can be found everywhere:CoronaryDoc, a digital coronary artery AI product, has obtained three types of NMPA registration certificates in China and MDR CE certification in the European Union. Digital brain product pipeline is the first artificial intelligence solution in China to provide full-path and multi-mode artificial intelligence solutions for screening, diagnosis and treatment selection and planning of cerebrovascular diseases. Digital chest is a rare solution to detect and diagnose six diseases through a single CT scan. LiverMRDoc of Digital abdomen product portfolio is the only artificial intelligence assistant software for liver disease diagnosis in China.
Figure: rich and fast-growing product lines (certified products)
Source: prospectus
It is worth noting that the biggest difference between Sikun Technology and other competitors is that the company is not satisfied with product breakthroughs that stay in specific application scenarios, but to further realize the platform of image AI on the basis of excellent products-- Sikun Technology has created an original digital human body platform in the industry. Digital human body platform is a disease-centered, comprehensive, end-to-end artificial intelligence medical imaging platform. Starting from the human function of patients, the platform integrates the digital products of "digital heart", "digital brain", "digital chest", "digital abdomen" and "digital muscle bone", opens up various imaging departments and extends to clinical departments, improves the whole process of clinical diagnosis, and connects the whole process of image intelligent post-processing, AI disease diagnosis, AI report and printing. The digital human body platform can not only improve the diagnostic accuracy and efficiency of radiologists, but also help doctors improve their scientific research ability and multidisciplinary diagnosis and treatment ability.
With the good performance of commercialization, Jukun's products have been strongly recommended by top experts and top hospitals, and quickly break through the hospital market. According to the prospectus, digital doctor products have been adopted by more than 1200 hospitals and used with high viscosity on a daily basis, including nearly 80% of the top 100 hospitals and more than 30% of the third-class hospitals.According to the Burning knowledge report, among the suppliers of artificial intelligence medical imaging solutions in China, Jukun's hospital covers the most extensive areas.
Financial data can also show that the commercial potential of Jukun is being released rapidly.In 2019 and 2020, the company's revenue jumped from only 8 million yuan to 24.77 million yuan, and further reached 52.62 million yuan in the first half of 2021.Half-yearly incomeMore than twice the annual income of the previous year.At the same time, gross profit also showed rapid growth, from 20.68 million yuan in 2020 to 44.33 million yuan.
It is worth noting that technology companies are characterized by high gross margins. The higher the gross profit margin, the higher the competitiveness of the company.In 2020 and the first half of 2021, the company's gross profit margin is 83.5% and 84.2% respectively, which is not only very high but also on a steady upward trend.It shows that the outbreak of corporate revenue is not a price for volume, but the rapid release of real business potential.
With the listing of these "real" AI companies, the market's investment logic and valuation of the AI industry are also being reshaped. In addition to paying equal attention to the hard power of science and technology, the market will pay more attention to the growth potential of the later business model.Jukun Technology is a leader in both R & D and business capabilities. This is one of the reasons why the company has been blessed by many star investment institutions, such as Goldman Sachs Group, Sequoia, Chunhua, Qiming and so on.