Medical artificial intelligence (AI) company Caption Health has raised $35m in a Series B financing round to develop and commercialise its Food and Drug Administration (FDA)-cleared, AI-guided ultrasound technology.
Led by the company’s existing investor DCVC, the round was joined by new investors Atlantic Bridge and Edwards Lifesciences, along with existing investor Khosla Ventures.
Caption Health plans to use the capital to ramp up its commercial operations and form new partnerships in addition to funding its AI technology platform expansion efforts.
The Caption AI platform, which includes Caption Guidance and Caption Interpretation, is designed to perform ultrasound and obtain diagnostic-quality images.
The platform enables healthcare providers to perform ultrasound and obtain diagnostic-quality images without specialised training. It is expected to help clinical decision-making and save costs and time for medical institutions.
Caption AI was granted expedited clearance by the US FDA after receiving urgent requests from clinicians at leading hospitals across the country during the Covid-19 pandemic, the company noted.
The company is planning to add new clinical capabilities to expand the use of Caption AI in additional care settings.
Caption Health CEO Charles Cadieu said: “This capital will enable us to scale our collaborations with leading research institutions, regional health systems and other providers by making ultrasound available where and when it is needed – across departments, inside and outside the hospital.
“As the world’s first and only AI-guided ultrasound technology, our goal is to enable all clinicians, regardless of prior experience, to capture diagnostic-quality ultrasounds.”
Caption AI software is fully integrated with a Terasonu Smart 3200T Plus portable ultrasound system, which offers a range of clinical applications such as lung, vascular and abdominal scanning.