In December 2022, Olympus made a significant move towards its digital health expansion strategy by acquiring Odin Vision, a cloud-AI endoscopy start-up based in London, for $79 million.
This acquisition provided Olympus with a range of computer-aided detection software and cloud-enabled applications. The company's goal is to utilise AI-powered technology to bring real-time diagnosis and minimally invasive treatment of chronic diseases closer to reality.
Olympus plans to leverage medical data and AI algorithms to provide healthcare professionals with timely information, thereby enhancing its digital health capabilities.
As part of its expansion strategy, Olympus intends to establish a series of Digital Experience Centres (DECs). The first location will be in London, utilising Odin Vision's existing framework. Additional DECs are planned for Olympus' research and development sites in Hamburg, Boston, and Tokyo, with potential future expansions in Silicon Valley and Tel Aviv.
These DECs will enable Olympus to access critical talent and forge partnerships with start-ups and companies at the forefront of creative innovation, aligning with the company's digital solutions development objectives.
This development follows a turbulent period for Olympus in March 2023 when the company acquired GI stent manufacturer Taewoong Medical for $370 million. However, two weeks later, Olympus received a warning from the US Food and Drug Administration regarding poor manufacturing practices related to its endoscopy devices.
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