The Israeli startup Aidoc, which is developing an AI-based system to help decipher radiology tests, announced today (Thursday) the completion of a $110 million round of funding. The round was led by TCV and Alpha Intelligence Capital, with participation from existing investors Square Peg and General Catalyst The company has raised $250 million to date.
"The system we have developed helps take care of our relatives"
Aidoc helps radiologists decipher medical images much faster, but no less accurately. Their technology analyzes the patient's scan and clinical information and directs the radiologist to the most relevant places in the imaging. Its product is not just theoretical– it has been installed in more than 100 hospitals around the world, including Sheba Hospital in Israel.
Behind the scenes, Aidoc's software is based on artificial intelligence that has analyzed millions of medical scans of patients and learned to differentiate between normal and abnormal scans. The software, which is installed on a virtual server within a hospital's secure server complex, works in parallel with the radiologist; the process starts on a scanning device, and their software uploads the scan directly from the scanning source to the virtual server. At this point, the software "disconnects" the private information from the scans and sends the anonymous scans (without individual patient information) for processing in the cloud. Once the scan procedure is complete, the results are returned to the server and sent directly to the radiologist, all the while prioritizing cases according to their urgency.
The Israeli company emphasizes that despite their progress, the system they developed was not created to replace radiologists but to work alongside them. "The machine does not get tired and can perform many operations simultaneously– human radiologists, as talented as they possible can be, cannot decipher 10 scans at once. On the other hand, the radiologist has a much deeper understanding of the patient and can integrate information accordingly," said Elad Walach, Aidoc’s CEO and Co-founder.
Given the current market situation, Aidoc has completed a round of fundraising in an amount that is becoming relatively exceptional. Walach said the company completed the round last month yet only reported on it now: "We are delighted that even in a complicated market, there was an 'over-subscription' this round, and we were fortunate to have the best partners and deal we could ask for."
Such a fundraising round should have been coupled with a new label that many startups received in 2021– Aidoc becoming a unicorn. However, this is not the case with today’s announcement. Walach explains that "because of the spirit of the market, and the fact that we never announced our value in previous rounds, we have decided to stay in line with this narrative and not talk about our evaluation today."
According to Walach, the adoption of the product they developed "saves the lives of thousands of patients in every hospital" and he says that it is already in all the major hospitals in Israel - including Sheba, Ichilov, Hadassah, Shaare Zedek, Shamir Medical Center, Rabin (Beilinson and Sharon) Medical Center, Wolfson and Assuta. "We are excited that a system we developed helps doctors treat our relatives," Walach said about the company’s deployment within the Israeli healthcare system.
Aidoc was founded in 2016 by Elad Walach (CEO), Michael Braginsky (CTO) and Guy Reiner (VP R&D), all three graduates of the Talpiot program in the IDF. To date, Aidoc has raised about $250 million.