Aidoc, a maker of AI-based software that helps radiologists read medical scans and alert them to strokes or pulmonary embolism, has pulled a $ 110 million Series D investment round to expand the development of its technology, sales and market reach . said last week.
The new investment comes a year after Aidoc raised $ 66 million in a round led by US VC firm General Catalyst and announced new partnerships in the US to offer its AI capabilities to its radiologists. The round brings Aidoc’s total capital raised so far to $ 250 million.
Aidoc was founded in 2016 and developed medical imaging software designed to detect and locate critical anomalies for radiologists using deep learning and AI algorithms. The medical scans are quickly analyzed to help physicians triage patients and prioritize care.
Aidoc’s Series D investment announced on Thursday was led by TCV Ventures, a California-based firm that has supported companies such as Airbnb, GoDaddy and Spotify, and Alpha Intelligence Capital (AIC), a private venture fund that specializes in in artificial intelligence and machine learning startups, with the participation of CDIB Capital, a Hong Kong-based company operating as the overseas investment arm of China Development Financial, headquartered in Taiwan.
Aidoc said the new investment will drive the continued expansion of the company’s AI platform, which “enables hospitals to tackle their most prominent challenges, especially in the post-pandemic reality of shortages of doctors and nurses, rising supply costs and an ever-increasing more challenging economic environment. ”
“We are building the kind of breadth and depth of artificial intelligence that enables hospitals to change the way they do business and provide the solutions needed to compete successfully in these challenging times,” said Aidoc. CEO Elad Walach in a statement.
“Aidoc is already the leading imaging AI platform, but with this new investment round, our goal is to massively increase our AI care platform to cover both the various hospital medical service lines and the depth of integration into the clinical workflows, empowering hospitals to activate care teams across specialties and deliver the best quality of care in a scalable and effective way to patients, ”said Walach.
The care platform includes 15 FDA-approved clinical solutions for conditions such as stroke, spinal fracture, pulmonary embolism (PE) and cerebral haemorrhage, and triggers alarms to support physicians in their decision-making process and help reduce treatment time.
“Through the platform, physicians are empowered to spend more time engaging patients, being proactive and delivering higher quality care, instead of being engrossed in manual processes, being reactive to incoming requests and risking patients slipping through the cracks,” said the company.
Israel’s six largest medical centers began using Aidoc’s technology in late 2020. These are Hadassah Medical Center in Jerusalem, Sourasky Medical Center (Ichilov) in Tel Aviv, Rabin Medical Center (Beilinson and Hasharon Hospitals) in Petah Tikva, Assuta Medical Centers, Shaare Zedek, and Haim Sheba Medical Center in Tel Hashomer, which were first hospital to implement the company’s solutions in Israel.