Aidoc, an Israel-based provider of AI solutions for radiologists, announced that it has raised $27M, bringing its total funding to $40M. The Series B round, led by Square Peg Capital, will be used to grow Aidoc's technology and go-to-market team to support the high market demand for its products.
The funding comes as Aidoc announced that it has analysed its millionth patients CT scan in real-time – the largest number of images analysed by an AI tool and a landmark in the radiology AI ecosystem. In addition, Aidoc will be releasing its oncology line of products as well as the extension of its current suite for time-sensitive conditions to X-ray.
Aidoc's FDA-cleared and CE-marked solutions support and enhance the impact of radiologist diagnostic power, helping them expedite patient treatment and improve quality of care. Radiologists benefit from deep learning technology that is "Always-on", running behind the scenes and freeing them to focus on the diagnosis. Aidoc's solution flags the most critical, urgent cases where a faster diagnosis and treatment can be a matter of life and death.
What’s the trend
In April 2017, Aidoc received a funding of $7M in a Series A funding led by Tel Aviv VC firm TLV Partners. The application of AI in medical imaging and diagnostics has seen a lot of interest – in October last year, Visla Labs, an AI-powered medical imaging diagnostic startup, landed $3M in seed funding. Israel-based Zebra Medical Vision, secured a $30M Series C funding in June 2018.
On the record
“From the 100 sites we're already working with, mounting evidence is demonstrating real value to patients. We feel a responsibility to get this technology into as many hospitals as possible, as soon as possible. Our aim is to reach 500 hospitals in the next 2 years and we're proud to partner with Square Peg to support this growth,” said Elad Walach, cofounder and CEO of Aidoc in a statement.
“Our evaluation process included numerous conversations with hospitals that are using Aidoc's solution in clinical settings, and the value they bring to patient care became evident,” said Dan Krasnostein, Partner at Square Peg Capital. “Aidoc is the most mature company in AI for radiology, and we believe our partnership will help fuel their triple-digit growth.