Israeli company Aidoc, which developed AI-powered software that analyzes medical images, announced on Wednesday that it secured $27 million in a Series B round led by Square Peg Capital.
Aidoc’s technology assists radiologists in expediting problem-spot detection through specific parameters such as neuron-concentration, fluid-flow, and bone-density in the brain, spine, abdomen, and chest. The company recently 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.”
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Aidoc was founded in 2016 by Guy Reiner, Elad Walach, and Michael Braginsky, graduates of the elite Israeli military program Talpiot which trains recruits with advanced abilities in science and technology to become research and development experts.
The company has CE (Conformité Européenne) marking for the identification and triage of pulmonary embolism (PE) in CT pulmonary angiograms, and FDA approval to scan images for brain hemorrhages.
Aidoc said in a statement that it will use the funds 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 two years and we’re proud to partner with Square Peg to support this growth.”
“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 was one of TIME magazine’s “50 genius companies” in 2018.
The company has raised $40 million to date.