Aidoka startup known for providing artificial intelligence decision support software for radiologists, is expanding from the radiology market.
Tel Aviv based company closure Thursday’s $110 million Series D round brings the total raised to date to $250 million. The round was co-led by TCV and Alpha Intelligence Capital. The company will use the funding to expand its artificial intelligence platform and develop care coordination tools for a wide range of specialties, not just focusing on radiology.
Radiologists usually review CT scan Scan their to-do list in chronological order to detect any signs of anomalies. But Aidoc’s algorithm flags positive cases so radiologists can deal with those patients first, meaning they can get potentially life-saving treatment faster than they could without AI to triage the cases.
Since its inception in 2016, Aidoc has been licensed by the U.S. Food and Drug Administration for nine algorithms that flag cases for review by radiologists. They are designed to detect cases of stroke, cerebral aneurysm, pulmonary embolism, occasional pulmonary embolism, large vessel occlusion, intracranial hemorrhage, intra-abdominal free gas, acute C-type spinal fracture and lung collapse.
The startup’s algorithms have been used to analyze more than 13.6 million scans, Ariella Shoham, the company’s vice president of marketing, wrote in an emailed statement. This exploit has resulted in more than 1.6 million notifications and 1.4 million classified cases. According to Shoham, all of Aidoc’s algorithms were trained on a different database of annotated CT studies.
With nine approved algorithms and $110 million in new funding, the startup is now working to expand its AI platform to help physicians manage the entire patient care continuum. The funding will help Aidoc develop software to simplify care coordination in many unimaginable specialties, such as family medicine and gynecology.
Aidoc’s expansion into other service lines will make its software more attractive to hospitals and healthcare facilities, Shoham wrote. The startup’s algorithm is used by nearly 1,000 hospitals in the US, Europe, Israel, Australia and Brazil.
Cedar-Sinai, Novan Health and Atlantic Health One of the US health systems currently using Aidoc software to classify scans.This technique is also used for radiology partnersthe nation’s largest radiology clinic.
Shoham believes these clients have chosen her company over its competitors, such as brain or context flowbecause Aidoc provides a set of algorithms in its substack, rather than a single point solution.
When asked about the startup’s exit strategy, Shoham said Aidoc doesn’t plan to go public through a special-purpose acquisition company. She did not provide any details about the possibility of an IPO, but said the company is focused on building a sustainable business and “in the long run.”
Photo: Hemera Technologies, Getty Images
