Some of the leading clinical applications for AI-based deep learning technology has been in medical imaging, which is evident from the interest and investment in the space by VC firms.
Case in point, Tel Aviv-based medical imaging AI startup Aidoc announced a $27 million Series B round led by Square Peg Capital to invest in further development of the company’s technology and sales operation.
Since its founding in 2016 the startup has raised north of $40 million from investors. Aidoc pitches its product as a way to more quickly scan and detect potential issues in medical images.
Aidoc’s technology doesn’t require dedicated hardware and runs continuously on hospital systems, automatically ingesting radiological images.
These assets are deidentified and sent to to Aidoc’s cloud where they are run through algorithms which can highlight abnormalities and help radiologists flag and prioritize potential conditions, creating more efficient workflows.
Aidoc’s algorithm for intracranial hemorrhages is cleared by both the FDA and European regulators. The company has also received European clearance for its algorithms meant to help detect pulmonary embolism and spinal fracture.
Recently, the company said it had reached a milestone by analyzing its 1 millionth CT patient scan and has a stated intention to reach 500 hospital partners in the next two years.
AiDoc counts the University of Rochester Medical Center, Antwerp University Hospital and AZ Maria Middelares General Hospital in Belgium as a few of its roughly 100 commercial clients.
Outside its existing AI-assisted analysis of CT scans, Aidoc is also expanding its offerings to the oncology space, as well as building additional products that can analyze X-Ray images in real-time.
A 2018 report from Signify Research estimated that the market for AI in medical imaging will top $2 billion by 2023. Those numbers mean that Aidoc has a host of other competitors in the space including Zebra Medical Vision, VoxelCloud and Deepwise.
When it comes to what sets Aidoc apart, the company points to its “always on” nature allowing its platform to integrate easily into workflows, as well as its actual commercial deployment with a number of healthcare customers.
“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,” Square Peg Capital Partner Dan Krasnostein said in a statement.
“Aidoc is the most mature company in AI for radiology, and we believe our partnership will help fuel their triple-digit growth.”
Picture: Getty Images, wigglestick