ISRAEL – 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 US$110 million Series D investment round to expand the development of its technology, sales and its market reach, the company has said.
Aidoc’s Series D investment announced was co-led by TCV Ventures, a California-based firm that has backed companies like Airbnb, GoDaddy, and Spotify, and Alpha Intelligence Capital (AIC).
Other participants in the round included CDIB Capital, a Hong Kong-based firm that operates as the overseas investment arm of China Development Financial, headquartered in Taiwan.
The latest proceeds bring Aidoc’s total funding to US$250 million to date. The company raised US$27 million in Series B funding in 2019, then another US$20 million and US$66 million in later rounds.
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 Aidoc’s Care Platform comprises 15 FDA-cleared clinical solutions for conditions such as stroke, spine fractures, pulmonary embolism (PE), and brain hemorrhages, and triggers alerts to support medical specialists.
The medical scans are quickly analyzed to help doctors triage patients and prioritize care.
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.”
The Aidoc’s Care Platform comprises 15 FDA-cleared clinical solutions for conditions such as stroke, 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 across the health system.
The platform’s AI algorithms deliver actionable insights derived from imaging data and electronic medical records.
This allows physicians to manage larger patient volumes by reducing time to treatment, shortening length of stay in the emergency department and capturing more patients requiring advanced treatments.
Hospitals today face growing labor shortages. For example, the World Health Organization (WHO) estimates that by 2030 there will be a shortage of more than 18 million healthcare workers worldwide, Forbes reports.
Trove of medical data
Spurred by the increased digitization of medical records, healthcare’s share of all the data created worldwide in 2020 amounted to 21 zettabytes or 21 trillion gigabytes, representing about 30% of the world’s data volume, according to RBC and IDC, according to a Forbes publication.
The compound annual growth rate of healthcare data between 2018 and 2025 is predicted to be 36%, a much faster rate of data growth than that of other industries.
With more and more data, healthcare organizations are ready to put AI to work.
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.
Other hospitals using the technology include 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.
Aidoc announced recently an agreement with New Jersey’s Atlantic Health System which rolled out Aidoc’s AI solution to several hospitals within its vast network.
Physicians at Atlantic Health use Aidoc’s platform to triage patient CT scans and receive alerts notifying them of critical situations, such as potential brain bleeds, cervical spine fractures, blood clots in the lungs, rib fractures, and bowel injury, expediting care when every second counts.
These AI tools help physicians keep pace with increasing demands while maintaining high quality outcomes.
AI radiology market snapshot
Aidoc isn’t alone in AI-powered radiology. RapidAI recently received FDA clearance for a product that identifies potential cases of central pulmonary embolism and alerts providers.
In March, French company Gleamer announced a 510(k) for its tool, which aims to find fractures in X-rays.
The company recently partnered with Aidoc to integrate the BoneView software into Aidoc’s platform. Others in the space include Nanox, Qure.ai and Viz.ai.
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