Israeli startup Aidoc, which develops an AI-powered diagnostic solution for radiologists, announced an extension of its Series B, reeling in another $20 million, bringing the total of the funding round to an impressive $47 million. The investment saw existing investors such as Magma Ventures, TLV Partners, Square Peg Capital, and Emerge alongside newcomers Alpha Intelligence Capital and Maor Investments all participate in the round.
FDA approvals boosted revenue
Aidoc wants to help streamline diagnostics for radiologists, but without giving up an iota of accuracy. The company’s tech analyzes the imaging scan and clinical data, then provides guidance and prioritizes the most critical parts of the imaging. This system is far beyond vision, as Aidoc’s product has already been installed in over 100 hospitals around the globe.
Behind the scenes, their software is powered by artificial intelligence, which has analyzed millions of clinical imaging scans, all the time learning how to differentiate between radiology scans. Technical wise, the software is installed on a virtual server inside a secure server room on hospital grounds. The system works in the background, parallel to the radiologist. After the initial imaging, the system sends the scan straight from the imaging device to the virtual server. At this point, the system removes the patient’s personal info from the scan and send it anonymously to the cloud for analyzing and processing. After prioritizing cases based on urgency, the process is done and the results are sent directly to the radiologist’s station.
Aidoc tells that the COVID-19 crisis donated heavily to the most recent R&D efforts. Ariella Shoham, VP of Marketing at Aidoc explained to Geektime that “for us it was an opportunity, both in development and business. The FDA released emergency protocols and gave the green light on marketing our COVID testing for asymptomatics via chest scans.”
Shoham explains that the chest imaging COVID tester received approval from the FDA, as a real-time alert to a potentially infected individual, which enables the medical staff to evacuate the patient to a quarantined zone and disinfect the imaging device.
Shoham continues to tell that since the company’s last funding round in November, they have received 2 additional FDA approvements, and revenue has nearly tripled itself, along with a high increase in paying customers. Aidoc’s team has expanded since last November, with a current workforce of over 100 employees. Among the company’s customers are over 400 medical centers from around the world.
Aidoc CEO and founder Elad Walach said regarding the round expansion that “when medical centers are trying to overcome insane workloads while prepping for a different future - there is priority to solutions that prove efficiency and revenue potential. For over three years our solutions have enabled radiologists to provide the highest quality of care, reduce patient wait-time, and most importantly, save lives.”
Aidoc was founded in 2016 by 3 Talpiot graduates, an elite Israeli military program that hand picks the top academic achievers in science and technology, CEO Elad Walach, CTO Michael Braginsky, and VP of R&D Guy Reiner. The company has raised $60 million to-date, and further notes that the newly acquired funds will be set towards expanding its product offering and customer list.