Aidoc, a maker of AI-based software that helps radiologists in their work, said Wednesday it has raised an additional $20 million as part of its Series B round, which brings the total amount of funding raised by the company to date to $60 million.
Radiology practices globally have started using the software as one of their core solutions, and the startup’s revenues have tripled since the start of 2020, even during the coronavirus pandemic, Aidoc said in a statement.
The funding will help the startup expand its reach to additional practices around the world, said Aidoc co-founder and CEO Elad Walach in a statement.
Aidoc’s artificial intelligence-based software analyzes medical images after patients are scanned and notifies radiologists of unusual findings, to assist with prioritization of time-sensitive and potentially life-threatening cases. Its suite of solutions includes six FDA-cleared products for flagging acute abnormalities, including the detection of acute brain bleeds in CT scans. In May the FDA gave the startup a green light to start alerting radiologists if they have scanned somebody who, unknowingly, has coronavirus.
“The value AI brings in supporting radiologists is so obvious to us and Aidoc has stamped itself as a clear leader in the space,” said Dan Krasnostein, partner at Square Peg Capital. “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.”
The startup was founded in 2016 by a team of alumni of an elite technology unit in the Israeli army, where they focused on AI-based projects.
The company’s software now serves more than 400 health centers in five continents, helping radiologists speed up their work.
In 2018 Aidoc was named one of Time magazine’s 50 Genius Companies.