Lily MedTech

About Lily MedTech

Lily MedTech is a Japanese medical technology company spun off from the University of Tokyo in May 2016, developing a novel imaging system for breast cancer detection. The company was co-founded by CEO Shiho Azuma and CTO Takashi Azuma. Shiho Azuma was motivated to start the company after losing her mother to a rare form of cancer, aiming to spare others from similar experiences by focusing on early detection for treatable cancers like breast cancer. The core technology is based on her husband and co-founder Takashi Azuma's research in ultrasonic CT techniques at the University of Tokyo.

The company's primary product, known as COCOLY (formerly Ring Echo), is an ultrasound imaging system designed to provide a painless, non-contact, and radiation-free alternative to traditional mammography. The system consists of a bed where the patient lies face down, placing their breast into a cavity filled with warm water. A ring-shaped ultrasonic transducer then scans the breast without direct contact, generating high-resolution 3D images. This method is intended to be more comfortable than mammography and potentially more accurate for women with dense breast tissue.

Lily MedTech's business model involves the development and sale of these medical devices. The company is also integrating AI-powered image diagnosis to assist physicians in distinguishing between benign and malignant tumors, which could reduce the need for unnecessary biopsies and enable a subscription-based remote diagnosis service in the future. The firm operates in the medical device market, targeting healthcare providers such as hospitals and clinics. After securing medical regulatory approval in Japan, the company launched the COCOLY system to the domestic market in May 2021.

Since its founding, Lily MedTech has progressed through several milestones, including the completion of prototypes, conducting clinical research with partners like the University of Tokyo Hospital, and securing significant funding. The company has raised over 3.3 billion yen (approximately $21.5 million) through multiple funding rounds, including Series A, B, and C. It has also received support and subsidies from Japanese government bodies such as NEDO and AMED and was selected for the J-Startup program, which enhanced its credibility.