Aidoc is on quite the hot streak. Just about two months after racking up its ninth FDA clearance for an artificial intelligence-powered radiology tool, the Israeli startup has re-upped its annual tradition of raising tens of millions of dollars.
That tradition dates back to 2019, when Aidoc reeled in a $27 million series B round. The ensuing two years brought in $47 million and $66 million, respectively, sending the company’s fundraising total up to about $140 million.
The latest—and largest—of its funding rounds nearly matches that total, with a series D haul that clocked in at $110 million, Aidoc announced Thursday. TCV and Alpha Intelligence Capital led the round, which also included participation from the latter’s co-investor CDIB Capital.
Aidoc has developed a range of AI tools that analyze CT scans and X-rays to look for signs of trouble and automatically alert care teams to them, potentially speeding up the process of evaluating and triaging patients.
So far, the company says its AI has been used to analyze more than 13.6 million scans, resulting in more than 1.6 million notifications and about 1.4 million triaged cases. In total, per Aidoc, that has saved healthcare providers nearly 70 million minutes—or more than 133 years—worth of turnaround time. The software may also help ensure patients receive the correct treatments as quickly as possible and, as a result, shorten the average length of stay in the emergency department.
With the new funding, the startup said it’ll aim to make hospitals and healthcare facilities even more efficient, helping to make up for the staff and supply shortages and rising prices currently plaguing the healthcare industry.
By ramping up its AI-powered software platform, CEO Elad Walach said, Aidoc will aim “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.”
Aidoc’s platform has already been expanding at a rapid pace. Between August 2018 and April of this year, it has racked up nine nods from the FDA for its radiology AI.
The most recent of these is designed to pore over head CT scans to spot signs of a brain aneurysm. The analysis is complete in a matter of minutes, and if a potential rupture is detected, the AI automatically sends an alert to the patient’s care team via the Aidoc platform on their computers and mobile devices. Within the platform, they can examine the scans and the AI’s findings, while also using its secure chat function to begin coordinating and planning treatment.
Aidoc’s other FDA-cleared tools include those to spot large vessel occlusion strokes, intracranial hemorrhage and C-spine fractures in brain scans and look for pulmonary embolisms, intra-abdominal free gas and rib fractures in chest and abdomen CT images. Additionally, an AI program cleared earlier this year can identify cases of pneumothorax using only standard X-rays.