Aidoc set to expand AI beyond radiology via $110 million funding round

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AI software developer Aidoc has raised $110 million in a Series D investment round that will be used to scale its AI care platform across the hospital enterprise.

Founded in 2016, Aidoc designs AI-based software to detect and alert radiologists of critical issues found on CT scans and X-rays, to help triage and prioritize cases. Its AI Care platform has 15 FDA-approved clinical applications, including for stroke, pulmonary embolism, and cerebral hemorrhage.

This latest round brings the company’s total funding to $250 million, which it will use to make its platform a tool to help a variety of healthcare professionals as they grapple with the challenges created by drug shortages. personnel and supplies and rising prices.

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The round was co-led by global investors TCV and Alpha Intelligence Capital, with participation from AIC co-investor CDBI Capitol. “Our goal is to massively increase our AI care platform to cover both the different ranges of hospital medical services and the depth of integration into clinical workflows, enabling hospitals to activate teams of interspecialty care and to provide the highest quality of care in a scalable, efficient way for patients,” said Elad Walach, CEO of Aidoc, in a statement.

The company previously raised $27 million in 2019, followed by $47 million in 2020 and $66 million in 2021.

Clinical research shows that the platform enables physicians to support larger patient volumes and reduces treatment time and length of stay in the emergency room. It also identifies those who need advanced treatments and allows doctors to spend more time with their patients, instead of being preoccupied with manual tasks.

Additionally, 30% of US suppliers are choosing to retire, while another 31% are looking to change careers. This has led to burnout, longer delays and missed care, according to The Morning Consult. Within five years, the United States will be short of 3.2 million healthcare workers, which will further increase operational costs, reduce already thin hospital margins and increase the need for AI and automation to help existing physicians to manage patient volumes and workloads.

“Leaders in healthcare are facing an increasingly challenging economic environment, and this is going to require us to use technologies such as artificial intelligence to rethink the ways of doing business,” said Dr. David Shulkin, former secretary of the US Department of Veterans Affairs.

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