Catching abnormalities on a medical image is important, but case backlogs often mean radiologists are cut short on how long they can spend with each one.
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Enter Aidoc, a 4-year-old Israel-based startup providing artificial intelligence tools for radiologists. The company secured an additional $20 million for its Series B funding led by Square Peg Capital, which initially led the round that began in April 2019. The new funds bring the Series B round to $47 million and gives Aidoc a total of $60 million raised to date, according to Crunchbase data.
Aidoc’s products flag acute abnormalities directly in the radiology workflow. If the AI detects something, the tools alert the radiologist, Aidoc co-founder and CEO Elad Walach told Crunchbase News.
“What has happened in recent history is that scanners have become cheaper, so now there is more imaging, which is overloading a radiologist’s workflow,” he said. “Radiologists have two to three seconds to look at each image. At some point, you can’t go faster. With the adoption of new technologies, such as AI, an augmentation layer for imaging will be the standard of care.
Aidoc initially used the Series B for growth, which included increasing its FDA-cleared products from one to six. However, this year the COVID-19 pandemic helped accelerate the company’s decision-making, and Walach said he realized the opportunity for the medical imaging market was wide open with AI. The new funds will go toward increasing adoption of the technologies by physicians and adding new products.
The company has tripled its revenue since the beginning of 2020 and will make additional hires to add to its 100 employees, Walach added.
With Aidoc now running in more than 400 medical centers worldwide, Walach expects to increase that number to more than 500 by the end of 2020. In addition, the company plans to have 10 FDA clearances by next year, he added.
Illustration: Dom Guzman