V5 Technologies, founded by former TSMC Senior Vice President Quincy Lin, has recently received the approval of its AI computer-aided detection software (CADe) for lung nodule reading- the first of its kind in Taiwan- from the Ministry of Health and Welfare's Food and Drug Administration (TFDA). Dr. Lin, who is currently the Chairman of V5 Technologies, said that after obtaining the TFDA certification, V5 has already contacted nearly 30 hospitals in Taiwan for introduction and trials, and expects to bring significant revenue growth to the smart medical business next year.
In the overseas market, V5 is targeting Southeast Asia and India first, and has already signed letters of intent with local distributors in Singapore, Thailand, Vietnam, Malaysia, Indonesia and India to start sales promotion. Focusing on the US and other huge market opportunities, V5 has also completed the US FDA application and expects to obtain FDA approval by the end of next year, thus opening up the North American market opportunities.
Founded in 2014, V5 Technologies is the third company founded by Quincy Lin after his retirement from TSMC, with the first two, Neo Solar Power and Rafael Micro, having been successfully listed on the stock exchange.
According to V5, the company has been working on artificial intelligence and semiconductor high-end optical inspection and measurement technologies for many years, and has achieved remarkable results in the field of smart manufacturing. Its AI defect analysis system has a market share of over 80% in the semiconductor packaging and testing market, and its high-end optical microscope has become the third largest in the world, breaking the long-standing dominance of the two largest Japanese optical manufacturers.
Starting in 2018, with its outstanding semiconductor image analysis AI technology, V5 has been working with hospitals such as Taipei Veterans General Hospital, National Taiwan University Hsinchu Branch, and Chung Shan Medical University Hospital to jointly develop smart medical-related technologies. The certified Lung Image Aided Interpretation Software, with a sensitivity of over 95%, is far superior to similar products from international manufacturers, demonstrating Taiwan's strong edge in high-technology crossover into smart medicine.
According to the World Health Organization (WHO), lung cancer ranks first in the number of cancer deaths worldwide. Currently, low-dose computed tomography (LDCT) is an internationally proven screening tool for early detection of lung cancer. On 1 July this year, the National Health Service of the Ministry of Health and Welfare launched the Lung Cancer Early Detection Programme, a joint effort with a couple of medical societies across Taiwan to promote the prevention and treatment of lung cancer and encourage screening in high-risk groups. The significant increase in demand for LDCT of lung in country has also increased the demand for AI-assisted software in medical institutions.
The TFDA-approved AI-assisted software is the product that healthcare providers have been waiting for. According to clinical studies, the product has been shown to improve the speed and quality of care for clinicians by allowing them to interpret and label suspicious lung nodules. In particular, the product has a very high detection capacity for "gross glassy lesions (GGO)", which are difficult to interpret and have a high malignancy rate.
