Aidoc, a Tel Aviv-based startup building a suite of decision support tools for radiologists, raised $66 million in funding. The company plans to use the funds to build out and market its suite of radiology solutions.
A startup building diagnostic tools for radiologists got a fresh influx of funding as it looks to expand its suite of algorithms. Tel Aviv-based Aidoc recently raised a $66 million funding round led by General Catalyst, bringing the total raised to date to $140 million.
The company plans to use the funds to build out its platform of AI solutions and bring it to more specialists.
“Our R&D team creates and trains separate algorithms for each of the pathologies we cover. Our development pace is already unprecedented and the additional funding will allow us to further ramp up production as Aidoc becomes a comprehensive solution assisting radiologists with any condition,” Aidoc Vice President of Marketing Ariella Shoham wrote in an emailed statement.
Since it was founded in 2016, Aidoc has received 510(k) clearance for more than six software tools to flag cases for radiologists to review. Last year, it received clearance for a tool designed to detect incidental pulmonary embolism in lung CT scans, meaning it could alert radiologists of potential cases where a blood clot is lodged in a patient’s lung, even when the scan was ordered for something else.
Currently, the Food and Drug Administration regulates these AI tools as class II medical devices, meaning that they must prove that they are “substantially equivalent” to another device to be marketed. But there are still some limitations. A recent review of FDA-cleared AI devices showed that most are only tested retrospectively, meaning it’s difficult to know how well they actually perform as used by clinicians.
As it notches more regulatory clearances, Aidoc says it is gaining customers. The company recently started working with Radiology Partners, a radiology practice group spanning eight states. Recently, the company has experienced a “huge expansion,” including doubling its FDA clearances and quadrupling its customer base, CEO and co-founder Elad Walach said in a news release.