Aidoc raises additional funds to meet demand for radiology AI

17 September 2020 (Last Updated September 17th, 2020 12:43)

Israeli medical technology company Aidoc, which provides artificial intelligence (AI) solutions for radiology, has raised an additional $20m as part of its Series B extension round to meet the increasing demand for radiology AI.

Aidoc raises additional funds to meet demand for radiology AI
The AI solutions for radiology offered by Aidoc include six FDA-cleared products that spot acute abnormalities in the radiology workflow. Credit: Bokskapet / Pixabay.

Israeli medical technology company Aidoc, which provides artificial intelligence (AI) solutions for radiology, has raised an additional $20m as part of its Series B extension round to meet the increasing demand for radiology AI.

The extended round brings the company’s total funding to $60m so far.

In April last year, Aidoc raised $27m in a Series B funding round led by Square Peg Capital to support its technology and marketing team.

The company’s suite of AI solutions for radiology includes six US Food and Drug Administration (FDA) cleared products that spot acute abnormalities in the radiology workflow. The company, which tripled its revenues this year, currently serves more than 400 health centres across five continents.

Aidoc co-founder and CEO Elad Walach said: “As healthcare organisations work through case backlogs and prepare for a different future – solutions that can show improved operational efficiency and increased revenue potential are being prioritised.

“Our solutions have augmented radiologists to provide the highest standard of care, reducing turnaround time and helping save lives for over three years now, and this funding allows us to continue expanding our comprehensive portfolio, as well as facilitate our rapid expansion into additional practices across the globe.”

In February, radiology management company LucidHealth entered a partnership with Aidoc to bring advanced radiology AI to healthcare sites in the Midwest region of the US.

Square Peg Capital partner Dan Krasnostein said: “The value AI brings in supporting radiologists is so obvious to us and Aidoc has stamped itself as a clear leader in the space. Since our first investment, the company has continued to make giant steps forward with new products brought to market and a significant increase in the number of customers they serve.”

In May, the US FDA allowed Aidoc to use AI algorithms for the detection and prioritisation of incidental findings associated with Covid-19.