Round Demonstrates Investors’ Confidence in Aidoc’s Vision to Transform the World of Healthcare with AI
TEL AVIV, Israel, July 13, 2021 /PRNewswire/ — Aidoc, a leading provider of artificial intelligence (AI) solutions for medical imaging, announced today a $66 million investment, bringing its total funding to $140 million. This Series C round, led by General Catalyst, follows a surge in demand for Aidoc’s AI-driven solutions, including the largest clinical deployment of AI in healthcare through its partnership with Radiology Partners.
“This investment comes after significant milestones; expanding our product lines, doubling our FDA clearances and quadrupling our customer base,” said Aidoc co-founder and CEO Elad Walach. “We are experiencing a huge expansion, which is also a direct result of C-level executives adopting an AI strategy and integrating our platform as a must-have solution across clinical pathways. It is truly rewarding – and a great responsibility – to be the trusted partner of the most innovative health systems and physician practices across the globe.”
A pioneer in healthcare AI, Aidoc’s FDA-cleared solutions analyze medical images for critical conditions and trigger actionable alerts directly in the imaging workflow supporting medical specialists in reducing turnaround time and improving quality of care. With the new funding, Aidoc will expand its comprehensive platform – the first and only cross-specialty AI platform for medical imaging – taking AI solutions to the enterprise-grade level, while empowering medical specialists worldwide to leverage AI for better outcomes.
“At General Catalyst, we believe in addressing the big challenges in healthcare, and it is clear to us that Aidoc has both a bold vision to use AI to set a new standard of care in medical imaging and a concrete plan to reach that,” said Chris Bischoff, Managing Director at General Catalyst. “The fast growth in adoption of Aidoc’s platform by leading systems and providers reinforces its market leadership and demonstrates the effectiveness of its technology and workflow solutions”
In research conducted by leading health systems, Aidoc’s solutions have shown a correlation with reduction of length of stay in the ED and Inpatient settings. Aidoc’s deep learning technology is always-on, running behind the scenes and freeing medical specialists to focus on better diagnosis. Aidoc’s solutions flag the most critical cases, where a faster diagnosis and treatment can be a matter of life and death.
Aidoc supports medical specialists to help flag acute anomalies in real time, expediting patient treatment and improving quality of care. Aidoc’s healthcare AI platform is currently used by radiologists in health networks, hospitals and radiology groups worldwide and has analyzed over 8M cases to date.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.