Optiscan Imaging (ASX:OIL) announced a new collaboration with Melbourne-based Monash University aimed at furthering its project to develop a scope-agnostic gastrointestinal flexible endomicroscope equipped with Edge-AI technology.
The project is bolstered by a nearly $1 million allotment under the Cooperative Research Centres Projects grant from the Australian Department of Industry, Science, and Resources.
The investment is part of a larger $3 million funding initiative to support ongoing development efforts.
Under the agreement, Optiscan will work closely with the Monash University Department of Data Science and AI to enhance the AI technology component, which is focused on automating the detection and analysis of cancerous and precancerous lesions.
Camile Farah, CEO and Managing Director of Optiscan remarked, "We are thrilled that Monash University has agreed to partner with Optiscan in the development phase of our innovative GI endomicroscope and next-generation AI technology."
Ann Nicholson, Dean of the Faculty of Information Technology at Monash University, echoed this sentiment, stating, "Uniting advanced AI with industry capabilities in this way is inspiring."
"It is a demonstration of how industrial innovation can join hands with research expertise to drive meaningful, practical improvements in patient health and reshape the future of cancer detection," Nicholson added.
At the time of reporting, Optiscan Imaging’s share price was $0.16.