CHARLOTTE – New York-based biotechnology firm Covera Health has acquired CoRead AI, a diagnostic technology firm based out of Cary.

Terms were not disclosed, but venture finance news site CrunchBase reports the sale was for $50 million.

Lawrence Ngo, a Duke University School of Medicine alum and radiologist, cofounded CoRead alongside University of Wisconsin-Madison alum Dr. Jacob Johnson in 2018 with the aim of finding radiological screening misdiagnosis at scale using artificial intelligence.

Radiology is becoming increasingly important as physicians begin to depend more on X-rays, CT scans and MRIs to make diagnoses, Ngo says.

For details, read the full story at Business North Carolina.