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California-based Rad AI, a generative AI radiology workflow company, has secured $60 million in an oversubscribed Series C funding round, which brings the company's total raise to more than $140 million and bumps up its valuation to $525 million.
Transformation Capital led the round with participation from existing investors Cone Health, World Innovation Lab, Khosla Ventures, Kickstart Fund, UP2398 and OCV Partners.
WHAT IT DOES
Rad AI offers radiologists generative AI tools to help streamline workflows, such as physician dictation and follow-up care management.
One of its offerings is Rad AI Omni Impressions, which generates AI-enabled report impressions after a radiologist dictates the raw findings.
The platform learns each radiologist's stylistic tone and voice, and generates reports with individualized, specific impression language.
The company also offers Rad AI Continuity, which uses AI-powered automation to generate actionable findings in radiology reports, such as potential new cancers.
The company touts that its most recent innovation, Rad AI Reporting, extends its AI approach to the full radiology reporting workflow, "reducing dictated words by up to 90 percent and saving providers up to 50 percent of their time."
Rad AI said in a statement that it is now looking to expand its workforce across a wide range of roles.
"Over the past few years, Rad AI has become a mission-critical part of physician and health system workflows across North America. This strategic funding round will accelerate our progress as the leading AI-driven workflow platform in healthcare," Doktor Gurson, cofounder and CEO at Rad AI, said in a statement.
MARKET SNAPSHOT
In May of last year, Rad AI secured $50 million in Series B funding in a round led by Khosla Ventures.
Two months later, the company announced a partnership with Bayer to bring Rad AI's technology to the multinational pharmaceutical and biotechnology company's Calantic Digital Solution customers.
Calantic is a vendor-neutral cloud-based marketplace of AI-enabled radiology apps aimed at automating routine radiology tasks. Through the partnership, Rad AI's AI-powered follow-up management, radiology speech recognition reporting and radiology impression generation technologies will be available to Calantic's customers.
Other companies in the radiology workflow space include tech giant Microsoft, Mass General Brigham, University of Wisconsin School of Medicine and Public Health and its health system UW Health.
Last year, the organizations announced a partnership to jointly research and innovate advanced radiology-focused multimodal AI foundation models and develop medical imaging copilot applications.