Aidoc, maker of an AI tool for medical imaging, scored $66 million in a Series C funding round led by General Catalyst. This brings the company’s total funding pot to $140 million.
The news comes roughly two years after the Israel-based company announced a $27 million Series B round led by Square Peg Capital.
WHAT IT DOES
Aidoc created a tool that can analyze medical images for certain conditions and “trigger actionable alerts” into the workflow. Its tools are also able to help prioritize high-risk cases for review by a radiologist.
Aidoc has a number of FDA clearances. For example, in 2019 the FDA cleared Aidoc’s tool for triaging spine fractures. Then in 2020, the company got another clearance for triaging and notification of incidental pulmonary embolism.
WHAT IT’S FOR
The company plans to use the new funds to expand its platform and build out a cross-specialty AI platform for medical imaging.
“At General Catalyst, we believe in addressing the big challenges in healthcare, and it is clear to us that 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, in a statement.
“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.”
MARKET SNAPSHOT
There are several companies working in the AI imaging space. Fellow Israeli company Zebra Medical Vision has also created an AI tool designed to help radiologists. In 2020, the company landed its sixth FDA clearance. The latest one was for HealthMammo, an AI tool that helps radiologists identify suspicious mammograms.
In China, Ping An Insurance Group launched a COVID-19 smart image-reading system, which was designed to help doctors diagnose cases of the virus.
Tech giant NVIDIA has been involved with using AI for medical imaging for some time. In 2019, the company launched the Clara AI, a toolkit for radiologists, which includes 13 classification, artificial intelligence and software tools.