TEL AVIV, Israel, April 17, 2019 /PRNewswire/ — Aidoc, the leading provider of AI solutions for radiologists, announced today a $27 million investment, 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.
“From the 100 sites we’re already working with, mounting evidence is demonstrating real value to patients,” said Aidoc co-founder and CEO Elad Walach. “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.”
The funding comes as Aidoc announced that it has analyzed its millionth patients CT scan in real-time – the largest number of images analyzed 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.
“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.”
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.
Aidoc’s results are clinically proven and independently monitored. “We’re working with the American College of Radiology DSI to continuously monitor the performance of our solutions that are already active within hospitals across the US,” explained Mr. Walach. “Providing public visibility on the real-life clinical impact of AI across diverse settings is crucial for the continued adoption of these technologies in medical practice.”
An early leader in AI healthcare, Aidoc was one of Time Magazine’s 50 Genius Companies of 2018 and its founders were recognized in Forbes’ “30 under 30” list. The company’s solutions reduce turnaround time and increase quality and efficiency by flagging acute anomalies in real-time. Aidoc’s healthcare-grade deep learning algorithms benefit from large quantities of data, making their solutions the most comprehensive in the field, and enabling them to provide diagnostic aid to the broadest set of pathologies. Aidoc is currently deployed at over 100 leading medical centers and has just hit the 1 million mark for total patients reviewed.
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