“This is an extraordinary and amazing startup in Vietnam. With VinBrain, we now have a launching point for a major future design center,” said Jensen Huang, Chairman and CEO of Nvidia. Although the deal value has not been disclosed, according to the latest financial report as of the end of September, Vingroup (HOSE: VIC) held 49.74% of the shares, equivalent to over 126 million USD in VinBrain.
Prior to this acquisition, Nvidia established NVIDIA Vietnam Company Limited on May 21, 2024, with an initial charter capital of 100,000 USD (equivalent to nearly VND 2.43 billion) owned by Nvidia International (headquartered in the US) and located in a prime location – Saigon Tower in the center of District 1, Ho Chi Minh City.
Nvidia has appointed Mark Steven Hoose (American) – a senior leader of the corporation as Chairman and Director of the company in Vietnam. Born in 1967 and of American nationality, Mark is currently Vice President of Global Tax and Director of Tax at Nvidia. In addition, NVIDIA Vietnam also has another legal representative, Vo Huu Tu (born in 1987) – Deputy Director.
Nvidia Acquires VinBrain, Making a Bold Bet on the Vietnamese Market
Chairman Jensen Huang: Vietnam Will Be NVIDIA’s ‘Second Home’
What Does VinBrain Offer?
VinBrain is introduced as a pioneer in developing and applying AI in healthcare. Established in 2019, VinBrain Joint Stock Company was formerly known as VinBrain Automation Solutions Consulting Company Limited with a charter capital of VND 30 billion and wholly owned by VinTech Development Joint Stock Company (charter capital of VND 1,500 billion, in which Vingroup holds 86.67%). Their main registered business lines include information technology services and other computer-related services.
This startup focuses on researching and developing advanced technology solutions, especially AI products in healthcare. VinBrain also quickly expanded its scale through multiple capital increases, from VND 30 billion to over VND 627 billion in 2024.
In mid-October, when the company raised its capital to VND 627.7 billion, foreign ownership stood at 0.938%, with Mr. Jonathan Freid holding 0.239%, Mr. Gregory James Moore 0.637%, Mr. Gaurav Kala 0.042%, and Mr. Vishwas Saraswat 0.02%. However, as of November 15, 2024, VinBrain’s business registration information showed no foreign capital in the enterprise.
Under the leadership of CEO Truong Quoc Hung, who has 13 years of experience and previously served as Director of AI at Microsoft, VinBrain has built a comprehensive AI healthcare solutions ecosystem.
The most notable is the AI application platform DrAid™, which has been deployed in 182 hospitals in Vietnam and expanded internationally to the US and India.
What sets DrAid™ apart is its ability to support the diagnosis of complex diseases such as liver and rectal cancer – diseases with high mortality rates if not detected early. “DrAid can handle massive amounts of data, from X-ray, CT, MRI images to analyzing risks, tumor locations, and surrounding blood vessels,” shared CEO Truong Quoc Hung.
CEO Truong Quoc Hung
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To achieve high accuracy, the startup has invested in collecting and cleaning millions of image data from large hospitals in Vietnam and internationally, including the US, Europe, India, and China. Their AI model has been validated through international medical standards such as Golden Standard and is ready for testing in over 150 hospitals worldwide.
In addition to DrAid™, VinBrain has developed other technology solutions such as the AIScalator™ operations management system, the DrAid™ Enterprise Data Solution healthcare data management solution, and the SenMe™ health consulting chatbot.
Partnership with Nvidia since 2023
Even before being acquired by Nvidia, VinBrain had established a close relationship with this technology giant. In 2023, the startup joined Nvidia Inception – a global program supporting outstanding AI startups. Notably, VinBrain was among the top 1% of partners elevated to the elite tier out of over 1,300 healthcare startups participating in the program.
In Vingroup’s 2023 annual report, VinBrain set its sights on becoming the leading company in Southeast Asia in terms of market share for AI products in healthcare. The startup planned to expand its offices in key markets such as the US, Canada, and Singapore and aimed to provide solutions on a global scale.
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