SAN FRANCISCO–(BUSINESS WIRE)–December 14, 2017 – Bay Labs, a medical technology company at the forefront of applying artificial intelligence (AI) to cardiovascular imaging, today announced it completed $5.5 million in financing. The Series A round was led by existing investor Khosla Ventures with participation from new investors including Data Collective (DCVC), Greenbox Venture Partners, Minneapolis Heart Institute Ventures and Georges Harik. Proceeds will be used to continue clinical validation, accelerate technological development and bring Bay Labs’ products to the U.S. market. In addition, Ben Ling, general partner at Khosla Ventures, and Armen Vidian, operating partner at DCVC, will join Bay Labs’ Board of Directors.
Physicians today need imaging studies that provide high-quality diagnostic capabilities no matter where the patient is, from the inpatient hospital setting to the outpatient and point of care settings. Bay Labs applies AI to cardiovascular imaging to help in the diagnosis and management of heart disease. An echocardiographic exam (ultrasound images of the heart) is the gateway to cardiovascular disease diagnosis and a key to disease management and appropriate timing of intervention. The company’s deep learning technology, a type of AI algorithm, is designed to help medical professionals of all skill levels perform and interpret echocardiograms and may improve the treatment of heart diseases. Bay Labs has partnered with the Minneapolis Heart Institute and Allina Health, Northwestern Medicine, Duke University School of Medicine, and cardiologists at Stanford University to develop, test and validate deep learning algorithms for echocardiography.
“We’re gratified by the continued support from our existing investor Khosla Ventures and we welcome our new investors – all of whom share our vision about how deep learning technology can address two key problems in diagnostic cardiology: acquisition and interpretation of echocardiograms,” said Charles Cadieu, co-founder and CEO of Bay Labs. “We welcome Ben Ling and Armen Vidian as board members and look forward to their strategic contributions to our efforts to enable providers in achieving high-quality cardiac imaging results to improve patient care.”
“Bay Labs’ unique application of AI with ultrasound has the potential to enable medical professionals to provide faster and better care to patients,” said Ben Ling, general partner at Khosla Ventures. “We are excited to increase our investment in Bay Labs to revolutionize ultrasound.”
