Rad AI today announced that it’s raised a $60 million Series C financing round, valuing the company at $525 million.
Transformation Capital led the oversubscribed round, with participation from existing investors Khosla Ventures, World Innovation Lab, UP2398, Kickstart Fund, OCV Partners, Cone Health and others. The Series C raise comes seven months after the San Francisco–based company’s $50M Series B financing.
Rad AI said it has raised a total of over $140 million to date. Its software is meant to use generative AI to improve radiology practice. It says its software solutions are already used by thousands of radiologists every day at health systems and radiology practices across the country, accounting for nearly 50% of all medical imaging done in the U.S.
The company’s first generative AI software, Rad AI Impressions, came out in 2018. The company’s latest software, Rad AI Reporting, brings its AI-native approach to the full radiology reporting workflow. According to the company, the latest software reduces dictated words by up to 90% and saves providers up to 50% of their time.
In a news release, the company’s co-founder and CEO Doktor Gurson said: “At Rad AI, we focus on empowering physicians with AI – saving physicians time, reducing burnout and improving the quality of patient care. Over the past few years, Rad AI has become a mission-critical part of physician and health system workflows across North America. This strategic funding round will accelerate our progress as the leading AI-driven workflow platform in healthcare.”
