Aidoc, a maker of AI-based software that helps radiologists read medical scans and alerts them to strokes or pulmonary embolisms, has pulled in a $110 million Series D investment round to expand the development of its technology, sales and its market reach, the company said last week.
The new investment comes a year after Aidoc raised $66 million in a round led by US VC firm General Catalyst and announced new partnerships in the US to offer its AI-capabilities to its radiologists. The round brings Aidoc total capital raised so far to $250 million.
Aidoc was founded in 2016, developing medical imaging software designed to detect and pinpoint critical anomalies for radiologists using deep learning and AI algorithms. The medical scans are quickly analyzed to help doctors triage patients and prioritize care.
Aidoc’s Series D investment announced on Thursday was co-led by TCV Ventures, a California-based firm that has backed companies like Airbnb, GoDaddy, and Spotify, and Alpha Intelligence Capital (AIC), a private venture fund that specializes in AI and machine learning startups, with participation from CDIB Capital, a Hong Kong-based firm that operates as the overseas investment arm of China Development Financial, headquartered in Taiwan.
Aidoc said the new investment will power the continued expansion of the company’s AI platform, which “enables hospitals to tackle their most prominent challenges, especially in the post pandemic reality of physician and nursing shortages, rising supply costs, and an increasingly challenging economic environment.”
“We are building the kind of breadth and depth in AI that is allowing hospitals to fundamentally change the way they do business and provide the solutions needed to successfully compete during these challenging times,” said Aidoc CEO Elad Walach in a statement.
“Aidoc is already the leading imaging AI platform, but with this new round of investment, our aim is to massively ramp up our AI Care Platform to cover both the various hospital medical service lines and the depth of integration into the clinical workflows, empowering hospitals to activate cross-specialty care teams and deliver the best quality of care in a scalable, efficient way to patients,” said Walach.
The Care Platform comprises 15 FDA-cleared clinical solutions for conditions such as strokes, spine fractures, pulmonary embolism (PE), and brain hemorrhages, and triggers alerts to support medical specialists in their decision-making process and help cut turnaround time.
“Through the Platform, physicians are empowered to spend more time engaging patients, being proactive and providing higher quality treatment, rather than being consumed by manual processes, being reactive to inbound requests and risking patients slipping through the cracks,” the company said.
Israel’s six largest medical centers began using Aidoc’s technology in late 2020. These are Hadassah Medical Center in Jerusalem, Sourasky Medical Center (Ichilov) in Tel Aviv, Rabin Medical Center (Beilinson and Hasharon Hospitals) in Petah Tikva, Assuta Medical Centers, Shaare Zedek, and Haim Sheba Medical Center in Tel Hashomer, which was the first hospital to implement the company’s solutions in Israel.