RapidAI announced today that it raised $25 million in a Series B financing round as it looks to accelerate global growth initiatives.
Lennertz & Co. contributed the funds in the financing round, with its managing director Philipp Lennertz saying in a news release that RapidAI’s work has brought “measurable improvement” to patient care around the world, and the company is excited to help it continue to expand.
“For several years, we have worked to develop and bring to market the next generation of AI-enhanced cerebrovascular imaging products,” RapidAI CEO Don Listwin said in the release. “We have been rewarded for that dedication with sustained growth and uninterrupted profitability since going to market. In the last year, we have expanded our scope from ischemic stroke to hemorrhagic stroke, and with the recent acquisition of EndoVantage, we now address aneurysm.
“In these difficult global times, this investment is a significant sign of support, that while others are shrinking and shuttering, we are investing and growing to help build efficient stroke networks across multi-site systems and referral networks.”
San Mateo, Calif.-based RapidAI develops cerebrovascular imaging products for aiding in the treatment of stroke. Last month, the company received FDA clearance for its Rapid LVO system for detecting suspected large vessel occlusions (LVOs).
Rapid LVO is designed to help physicians speed up triage or transfer decision making. The system uses a vessel tracker, along with an assessment of brain regions with reduced blood vessel density to identify suspected LVOs in as few as three minutes before immediately notifying stroke team members.