KARL STORZ Acquires British AI Specialist Innersight Labs

10 Jan 2024
www.biospace.com
Acquisition
EL SEGUNDO, Calif.--(BUSINESS WIRE)-- The family-owned MedTech company KARL STORZ announces the acquisition of innovative software manufacturer Innersight Labs Ltd. (ISL), headquartered in London. In addition to state-of-the-art endoscopes, high-end medical devices, and integrated solutions for the operating room, KARL STORZ continues to expand in innovative software solutions. Its large customer base, including top-class physicians worldwide, can now look forward to 3D models created from medical scans, making surgery considerably easier and even more successful. The know-how gained with the acquisition in the field of artificial intelligence (AI) will greatly enhance the KARL STORZ portfolio. The parties have agreed not to disclose the purchase price. This press release features multimedia. View the full release here: KARL STORZ and Innersight Labs combine forces to push AI solutions for healthcare. (Photo: Business Wire) Innersight Labs drives AI solutions for healthcare ISL is a British company founded in 2015 by Oxford graduates Lorenz Berger and Eoin Hyde, who were joined shortly thereafter by Matt Gibb, another former Oxford PhD student. ISL developed Innersight3D, a software-only product that allows surgeons to create a patient-specific 3D model from a medical CT or MRI scan. ISL labels the received scans according to different tissue types and creates an interactive 3D model. The three-dimensional representation can then be accessed and interacted with via a web link sent to the physician. Because of the more accurate preoperative assessment, benefits include for example reducing operation time and the risk of surgical complications. Compared to competing products, ISL's AI-based algorithm can significantly reduce manual effort, reducing cost per model and time to deployment. The company currently employs eight people, cooperates with partners, and also operates an office in India. As part of the globally active KARL STORZ Group, the company will now focus on commercial scaling and joint technology development. Thriving innovation is part of the KARL STORZ DNA The KARL STORZ success story began in 1945 with innovations in the ENT (ear, nose, and throat) sector. The founder Karl Storz had a clear vision to empower minimally invasive surgery and revolutionize the treatment of patients worldwide. In the meantime, the 8,800 employees spanning the firm set the standard for many smart products in the healthcare sector. “We want to continue pioneering MedTech, particularly in the areas of software and robotics. The research background that ISL brings to the table therefore fits ideally with our vision, mission, and strategic goals. We warmly welcome them to the KARL STORZ family,” said Thorsten Molitor, Executive Vice President at KARL STORZ. The ISL team also has in-depth knowledge of soft tissue deformation and mechanics, computational physics, image processing, and machine learning as well as experience in cloud software development. KARL STORZ and Innersight Labs combine forces The acquisition of ISL adds an AI product to the existing KARL STORZ portfolio. It is a next step on the journey to push AI in laparoscopic and robotic imaging solutions in the healthcare industry. KARL STORZ wants to incorporate the extensive possibilities of AI into the development of cutting-edge medical technology at an early stage and thus bring the best instruments for patients with the highest safety standards to the market. Close cooperation with the KARL STORZ robotics entity KARL STORZ VentureOne, a KARL STORZ subsidiary focused on robotics based in Singapore and Munich, is also eagerly anticipating close cooperation with ISL. “The development of our robotic products will benefit enormously from ISL’s knowledge with regard to the use of AI. We are therefore very much looking forward to the cooperation and to further growing together in this area,” said Stephan Abele, Managing Director of KARL STORZ VentureOne. About KARL STORZ The medical technology company KARL STORZ was founded in 1945 in Tuttlingen, Germany, and is an international leader in the world of endoscopy. Now in its third generation, the family-owned company employs 8,800 people in more than 40 countries. The company portfolio includes more than 15,000 products for human and veterinary medicine. KARL STORZ stands for visionary design, precision craftsmanship, and clinical effectiveness. Sales for fiscal year 2022 amounted to 2.05 billion euros. Production sites are located in Germany, the USA, Switzerland, and Estonia. For more information, please visit: View source version on businesswire.com: Contacts PRESS CONTACT: Anja Ebert Senior Director Corporate Communications KARL STORZ SE & Co. KG Dr.-Karl-Storz-Straße 34, 78532 Tuttlingen, Germany Phone: +49 162 2800649 Email: press@karlstorz.com Source: KARL STORZ Endoscopy-America, Inc. Smart Multimedia Gallery Photo KARL STORZ and Innersight Labs combine forces to push AI solutions for healthcare. (Photo: Business Wire) Logo View this news release and multimedia online at:
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