AI software developer Aidoc has raked in $110 million in a Series D investment round that will go toward expanding its AI Care Platform throughout the entire hospital enterprise.
Founded in 2016, Aidoc designs AI-based software to detect and alert radiologists to critical issues found on CT and X-ray scans, to help triage and prioritize cases. Its AI Care Platform has 15 FDA-cleared clinical applications, including for stroke, pulmonary embolism and brain hemorrhages.
This latest round brings the company’s total funding to $250 million, which it will use to make its platform a tool to help various healthcare professionals as they grapple with challenges created by staff and supply shortages and rising prices.
The round was co-led by global investors TCV and Alpha Intelligence Capital, with participation from AIC’s co-investor CDBI Capital. “Our aim is to massively ramp up our AI Care Platform to cover both the various hospital medical service lines and the depth of integration into the clinical workflows, empowering hospitals to activate cross-specialty care teams and deliver the best quality of care in a scalable, efficient way to patients,” said Elad Walach, CEO of Aidoc, in a statement.
The company previously raised $27 million
in 2019, followed by $47 million
in 2020 and $66 million in 2021
Clinical research shows the platform enables physicians to care for larger patient volumes and reduces time to treatment and lengths of stay in the ED. It also identifies those requiring advanced treatments and enables physicians to spend more time with their patients, instead of being preoccupied with manual tasks.
Additionally, 30% of U.S. providers are choosing to retire, while an additional 31% are looking to change careers. This has led to burnout, longer delays and missed care, according to The Morning Consult. Within five years, the U.S. will be short 3.2 million healthcare workers, which will further drive up operational costs, shrink already thin hospital margins and raise the need for AI and automation to help existing physicians with patient volumes and workloads.
"Healthcare leaders face an increasingly tough economic environment, and it's going to require that we use technology like artificial intelligence to rethink ways to do business" said Dr. David Shulkin, former Secretary of the U.S. Department of Veterans Affairs.