Israeli artificial intelligence (AI) medical imaging company Aidoc today announced closing a Series B $27 million financing round led by Square Peg Capital. This brings the company's total funding to $40 million. The
The Tel Aviv-based AI solutions for radiologists developer, which was founded by CEO Elad Walach, CTO Michael Braginsky and VP R&D Guy Reiner will use the funds to further develop Aidoc's technology and marketing team to support the high market demand for its products.,
Walach said, "From the 100 sites we're already working with, mounting evidence is demonstrating real value to patients. 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. Aidoc will also 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.
Walach added, "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. 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."
Aidoc was represented in the financing round by Advs. Itay Frishman and Nir Dagan from Meitar Liquornik Geva Leshem Tal. Square Peg Capital was represented by Advs. Simon A. Weintraub and Shira Teger from Yigal Arnon & Co.
Published by Globes, Israel business news - en.globes.co.il - on April 17, 2019
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