Aidoca startup best known for providing AI-powered decision support software for radiologists, is branching out of the radiology market.
The Tel Aviv-based company closed a $110 million series D funding round on Thursday, bringing the total capital raised to date to $250 million. The round was co-led by TCV and Alpha Intelligence Capital. The company will use the funds to expand its AI platform and develop care coordination tools for numerous specialties instead of focusing on radiology.
Radiologists typical review CT scans chronologically down their worklist to detect any signs of anomaly. But Aidoc’s algorithms flag positive cases so that radiologists can address these patients first, which means they can get access to potentially lifesaving treatment sooner than if the AI were not there to triage the case.
Since it was founded in 2016, Aidoc has received clearance from the Food and Drug Administration for nine algorithms that flag cases for radiologists to review. They are designed to detect cases of stroke, brain aneurysm, pulmonary embolism, incidental pulmonary embolism, large-vessel occlusion, intracranial hemorrhage, intra-abdominal free gas, acute C-spines and collapsed lung fracture.
The startup’s algorithms have been used to analyze more than 13.6 million scans, Ariella Shoham, the company’s vice president of marketing, wrote in an emailed statement. This utilization has resulted in more than 1.6 million notifications and 1.4 million triaged cases. All of Aidoc’s algorithms were trained on a diverse database of annotated CT studies, according to Shoham.
With nine approved algorithms and $110 million in new funding, the startup is now working on expanding its AI platform to help physicians manage the entire patient care continuum. The money will help Aidoc develop software for streamlined care coordination across numerous specialties beyond imagining, such as family medicine and gynecology.
Aidoc’s expansion to other service lines will make its software even more attractive to hospitals and medical facilities, Shoham wrote. The startup’s algorithms are used in nearly 1,000 hospitals across the US, Europe, Israel, Australia and Brazil.
Cedars-Sinai, Novant Health and Atlantic Health are among the US health systems currently using Aidoc’s software to triage scans. The technology is also used by Radiology Partnersthe largest radiology practice in the country.
Shoham believes these customers chose her company over its competitors, such as Cerebriu or Contextflowbecause Aidoc’s offers a collection of algorithms in its substack, as opposed to single point solutions.
When asked about the startups’ exit strategy, Shoham said Aidoc is not looking to go public through a special-purpose acquisition company. She did not provide any details about the possibility of an initial public offering, but said the company is focused on building a sustainable business and is “in this for the long run.”
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