Israeli medical imaging company Aidoc, a startup that develops AI-based decision support software for radiologists, announced on Tuesday that it has raised USD 66 million in a Series C funding round led by venture capital firm General Catalyst.
The investment now brings Aidoc’s total funding to USD 140 million, which will go towards supporting a surge in demand for its AI-driven solutions, including the largest clinical deployment of AI in healthcare through its partnership with Radiology Partners this April, according to a company announcement.
Founded in 2016, Aidoc focuses on supporting medical specialists to help flag acute anomalies in real-time. It has developed FDA-cleared AI-based solutions that analyze medical images for critical conditions and trigger alerts directly into the imaging workflow, which expedites treatment and improves patients’ overall quality of care. The company’s healthcare AI platform is currently used by radiologists in health networks, hospitals, and radiology groups globally and has analyzed over 8 million cases to date.
Aidoc co-founder and CEO Elad Walach said the investment “comes after significant milestones; expanding our product lines, doubling our FDA clearances and quadrupling our customer base,” showcasing the company’s potential for huge expansion as C-Level executives start “adopting an AI strategy and integrating our platform as a must-have solution across clinical pathways.”
The company said the new funding will help it expand its comprehensive platform to bring AI solutions to an enterprise-grade level and empower medical specialists across the globe to obtain better outcomes.
Aidoc’s suite of AI solutions for radiology includes seven FDA-cleared products that can flag strokes, spine fractures, incidental pulmonary embolism, pulmonary embolism in chest scans, and brain hemorrhages. Last year, the FDA also gave Aidoc clearance for a solution to detect findings associated with COVID-19.
“It is clear to us that Aidoc has both a bold vision to use AI to set a new standard of care in medical imaging and a concrete plan to reach that,” said Chris Bischoff, managing director at General Catalyst. “The fast growth in adoption of Aidoc’s platform by leading systems and providers reinforces its market leadership and demonstrates the effectiveness of its technology and workflow solutions.”
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The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.