Luminoma is commercialising a high-margin AI platform, the LumAssure™, that instantly and accurately diagnoses skin cancer at the point of care, directly monetising a multi-billion dollar inefficiency in skin checks, dermatology clinics and patient convenience. Dermatologists have told us that the LumAssure can be the standard of care test for regular skin checks, and fulfill the role of the "Mammogram for skin cancer".
Value Proposition
Skin cancer screening involves assessing a mole’s appearance. Diagnosing skin cancers can be challenging and primarily relies on a clinician's judgement and expertise. Experienced clinicians will miss 1 in 7 cancers, whilst less experienced clinicians can miss up to half. So to avoid missing a cancer, clinicians can biopsy 3 to 30 lesions for every cancer found. These unnecessary biopsies not only waste time and money but can cause unsightly scarring.
Luminoma is developing the LumAssure, a non-invasive, point-and-click device that indicates whether a skin lesion is malignant or benign within seconds. The LumAssure will reduce missed cancers from 1 in 7 to less than 1 in 100 as well as reducing unnecessary biopsies by three quarters. The diagnostic-aid’s high accuracy provides clinicians with assurance in their biopsy decisions without having to wait days for a lab result.
Opportunity highlights
Significant market opportunity: We will first launch with premium dermatology clinics whose patients will want the convenience of an instant result whilst avoiding unnecessary procedures and scarring. We estimate the serviceable obtainable market in US dermatology to be a US$2B annual recurring revenue opportunity with additional revenue in primary care within integrated care systems.
Validated market excitement: Letters of intent and active development partnerships with top US hospitals and the largest dermatology practice in the US, de-risk commercial adoption.
Scalable skin analysis platform: The first application is skin cancer can be expanded to inflammatory diseases, e.g., psoriasis and eczema as well as skin aging, cosmetic cream performance and wound healing.
Proven team with multiple exits: Founders have a demonstrated history of building, regulating, and exiting medical device and digital health companies (e.g., Engender → CRV; ResApp Health→ Pfizer) as well as implementing spectroscopic solutions for industry (Fonterra).
Investment terms: A funding round of AU$6 to $9 million is sought in mid-2026 at a pre-money valuation of $20 to $24 million. We have soft commitments for the round minimum of AU$6 million.
Problem and Solution
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