Medical imaging tech developer Aidoc said this week that it raised $27 million in a Series B round of financing to support its artificial intelligence powered image analysis software.
The round was led by Square Peg Capital and will be used to grow the Israel-based company’s tech and go-to-market team.
“Our evaluation process included numerous conversations with hospitals that are using Aidoc’s solution in clinical settings, and the value they bring to patient care became evident. Aidoc is the most mature company in AI for radiology, and we believe our partnership will help fuel their triple-digit growth,” Square Peg Capital partner Dan Krasnostein said in a prepared statement.
Aidoc developed and supports medical imaging analysis platforms that operate in the background and help flag critical cases where a faster diagnosis and treatment can improve care, the company said. The company said that it has won FDA clearance and CE Mark approval in the European Union for its platforms.
“From the 100 sites we’re already working with, mounting evidence is demonstrating real value to patients. We feel a responsibility to get this technology into as many hospitals as possible, as soon as possible. Our aim is to reach 500 hospitals in the next 2 years and we’re proud to partner with Square Peg to support this growth. We’re working with the American College of Radiology DSI to continuously monitor the performance of our solutions that are already active within hospitals across the US. Providing public visibility on the real-life clinical impact of AI across diverse settings is crucial for the continued adoption of these technologies in medical practice.” co-founder & CEO Elad Walach said in a press release.