Aidoc, a maker of AI-based software that helps radiologists read medical scans and alerts them to strokes or pulmonary embolisms, said Tuesday it has raised $66 million from investors to expand the development of its technology, sales and its market reach.
The series C investment, led by US VC firm General Catalyst, follows a surge in demand for Aidoc’s AI-driven solutions, the company said. The firm recently announced a partnership with Radiology Partners, a practice with 2,800 radiologists providing services to more than 1,750 hospitals, clinics and imaging centers across the US, to offer its AI-capabilities to its radiologists.
Israel’s six largest medical centers have also begun using Aidoc’s technology to analyze CT scans to pinpoint critical conditions such as cerebral hemorrhage, pulmonary embolism, stroke and C-spine fractures.
The latest funding round brings the total amount of money raised by the Tel Aviv-based firm to $140 million, the company said in a statement.
“This investment comes after significant milestones; expanding our product lines, doubling our FDA clearances and quadrupling our customer base,” said Aidoc co-founder and CEO Elad Walach. “We are experiencing a huge expansion, which is also a direct result of C-level executives adopting an AI strategy and integrating our platform as a must-have solution across clinical pathways.”
A frontrunner in using AI for healthcare purposes, Aidoc has received seven FDA clearances for its solutions to analyze medical images for critical conditions and trigger alerts, supporting medical specialists in their decision-making process and helping cut turnaround time and improving quality of care, the statement said.
The FDA approvals are for the use of the software to detect and alert for intracranial hemorrhage, pulmonary embolism, incidental pulmonary embolism, acute C-spine fractures, large vessel occlusions, intra-abdominal free gas, and rib fractures.
“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.”
General Catalyst has offices in San Francisco, Palo Alto, New York City, and Boston, and has invested in businesses including Airbnb, Deliveroo, Gusto, Hubspot, Illumio, Lemonade and Snap.