RapidAI, a company developing algorithms for the advance imaging of stroke, has announced a $25m Series B financing round to support its strategic growth and initiatives worldwide.
Proceeds from this funding, led by Lennertz & Co, will also be used by the company for the development of Rapid platform and other clinical products.
Established in 2011, RapidAIdevelops advanced cerebrovascular imaging solutions to enable patient care, research, and clinical trials.
RapidAI workflow and messaging technologies assist stroke teams in saving time, while the company’s analytics and business intelligence products enable stroke networks to minimise costs and enhance patient outcomes.
RapidAI CEO Don Listwin said: “For several years, we have worked to develop and bring to market the next generation of AI-enhanced cerebrovascular imaging products. We have been rewarded for that dedication with sustained growth and uninterrupted profitability since going to market.
“In the last year, we have expanded our scope from ischemic stroke to hemorrhagic stroke, and with the recent acquisition of EndoVantage, we now address aneurysm. In these difficult global times, this investment is a significant sign of support, that while others are shrinking and shuttering, we are investing and growing to help build efficient stroke networks across multi-site systems and referral networks.”
RapidAI’s portfolio of advanced stroke imaging and stroke assessment products are suitable for hospitals of all sizes.
Powered by artificial intelligence, the Rapid platform delivers high quality, advanced images from non-contrast CT, CT angiography, CT perfusion, and MRI diffusion and perfusion scans, helping hospitals to cut down the time needed for time-critical triage or transfer decisions, enabling improved patient outcomes.
Lennertz & Co managing director Philipp Lennertz said: “We want our investment monies directed toward companies and teams that demonstrate global vision and a track record of success.
“RapidAI’s vision to massively improve stroke and other cerebrovascular care through AI, and other medical imaging innovations, has known no borders and brought measurable improvement to patient care worldwide. We are excited to help them continue and expand on their mission.”
Last month, RapidAI’sRapid LVO software for the detection of suspected large vessel occlusions (LVOs) secured clearance from the US Food and Drug Administration (FDA).