AI Medical Imaging Startup Aidoc Raises Another $20M

Aidoc, the Israeli startup that developed AI-powered software to analyze medical images, raised an additional $20 million as part of its Series B funding led by led by Square Peg Capital, bringing the total amount raised in this round to $47 million.

Founded in 2016, Aidoc develops full-body AI medical imaging software designed to detect and pinpoint critical anomalies for radiologists, through deep learning and AI algorithms. The medical scans are quickly analyzed to help doctors prioritize patients and care.

Aidoc was set up 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 raised $60 million to date.

Aidoc’s suite of AI solutions for radiology includes six FDA-cleared products including for flagging strokes, spine fractures, Pulmonary Embolism (PE) in chest scans, and brain hemorrhages. In May, the FDA gave Aidoc clearance for a solution to detect findings associated with COVID-19.

The company’s solutions are in clinical use at 400 health centers in five continents, Aidoc indicated in a statement.

“I am encouraged to see that recent changes in the healthcare world helped crystallize the value of AI,” said Walach, who serves as CEO. “As healthcare organizations work through case backlogs and prepare for a different future – solutions that can show improved operational efficiency and increased revenue potential are being prioritized.”

Walach said the additional funding will allow Aidoc to continue expanding its portfolio “as well as facilitate our rapid expansion into additional practices across the globe.” 

“The value AI brings in supporting radiologists is so obvious to us and Aidoc has stamped itself as a clear leader in the space,” said Dan Krasnostein, partner at Square Peg Capital. “Since our first investment the company has continued to make giant steps forward with new products brought to market and a significant increase in the number of customers they serve. Supporting a business that is improving patient care and saving lives on a daily basis is incredibly exciting.” 

Aidoc was one of TIME magazine’s “50 genius companies” in 2018.