New York-based Aidoc announced it has raised an additional $20 million as part of its Series B extension round, which brings the total amount of funding raised by the company to $60 million to date. The company says the announcement comes as radiology practices continue to choose Aidoc as their core AI solution, tripling the company’s revenue since the beginning of 2020, even amidst a global pandemic.
“We are incredibly proud and excited to be able to continue to back the Aidoc team,” says Dan Krasnostein, partner at Square Peg Capital. “The value AI brings in supporting radiologists is so obvious to us and Aidoc has stamped itself as a clear leader in the space. Since our first investment the company has continued to make giant steps forward with new products brought to market and a significant increase in the number of customers they serve. Supporting a business that is improving patient care and saving lives on a daily basis is incredibly exciting.”
Aidoc’s comprehensive suite of AI solutions for radiology includes six FDA-cleared products for flagging acute abnormalities directly in the radiology workflow. The company has undergone a rapid global expansion, now serving more than 400 health centers on five continents. On a recent KLAS webinar, Aidoc’s partners shared their satisfaction from the value they have experienced in turnaround time as well as the ease of deployment within their clinical environment.
“I am encouraged to see that recent changes in the healthcare world helped crystalize the value of AI,” says Aidoc co-founder and CEO Elad Walach. “As healthcare organizations work through case backlogs and prepare for a different future, solutions that can show improved operational efficiency and increased revenue potential are being prioritized. Our solutions have augmented radiologists to provide the highest standard of care, reducing turnaround time, and helping save lives for over 3 years now and this funding allows us to continue expanding our comprehensive portfolio as well as facilitate our rapid expansion into additional practices across the globe.”
For more information, visit Aidoc.