Artificial intelligence-enhanced medical diagnostics developer Enlitic said today that it closed a $15 million Series B round.
Enlitic is designing a platform that uses AI to develop algorithms to identify and analyze suspicious findings in medical images. The company’s first product is designed to interpret chest x-rays to triage normal from abnormal scans, and to detect and characterize more than 40 abnormalities.
The round was led by Marubeni and joined by Capital Health as well as several top Australian investors, the San Francisco-based company said. Enlitic added that it has been working with Marubeni since 2017 to develop for the Japanese market, and that Capital Health previously led its Series A financing round.
The company said that 10% of funding in the round was set aside for individual radiologists and other physicians who either trained or used the company’s medical AI solutions.
“Closing this round is a significant advancement to help Enlitic achieve its ambitious strategy to make meaningful clinical products for radiology and the associated healthcare markets. This will allow Enlitic to scale production towards achieving AI models that cover the entire body, which will offer a significant impact to daily clinical workflows,” chief medical officer Dr. Anthony Upton said in a prepared statement.
Funding from the rounds is slated for use in supporting and enhancing the company’s artificial intelligence product portfolio to expand engineering and data scientists team and to support regulatory approval for clinical use in the U.S., Australia, Japan, Europe, Canada and Brazil.
“Radiologists have one of the hardest jobs in the world. They need to be able to identify thousands of different abnormalities in hundreds of different types of images. Even a single mistake can mean life or death, and yet they’re asked to read under tremendous time pressure in an environment full of distractions. Our Series B is a huge step toward helping them relieve this pressure and improve patient outcomes. We are incredibly grateful for the support of our partners, including Marubeni and Capitol Health, and look forward to continuing our work with them to build meaningful diagnostic solutions,” CEO Kevin Lyman said in a press release.
