Rad AI Secures $4 Million in Seed Funding to Accelerate Launch of Its First AI-Powered Radiology Reporting Product

VCBeat (WeChat ID: vcbeat) learned from foreign media that on November 25, 2019, local time, Rad AI, a radiology diagnostics startup headquartered in Berkeley, California, announced the completion of a $4 million seed funding round. The company plans to use these funds to expand its internal scientific team and accelerate the promotion of its first intelligent analysis software.

This round of financing was exclusively led by Gradient Ventures, the AI-focused venture capital firm established by Alphabet, Google’s parent company, with follow-on investments from UP2398, Precursor Ventures, GMO Venture Partners, Array Ventures, Hike Ventures, Fifty Years VC, and other angel investors.

It is reported that, amid the continuously rising demand for radiological diagnostic imaging, the field of radiology in the United States is facing an increasingly severe shortage of physicians, with persistently high rates of diagnostic errors. To address this challenge, Dr. Jeff Chang, the youngest radiologist in U.S. history, co-founded Rad AI, an AI-based radiological diagnostics company, together with entrepreneur Doktor Gurson in 2018, aiming to transform the field of radiological science through machine learning.

Rad AI is dedicated to leveraging AI technology to streamline existing workflows and automate repetitive tasks for radiologists, thereby enabling them to focus more on delivering timely and accurate diagnoses for patients. The company’s first AI-powered analytics software can automatically generate the impression section of radiology diagnostic reports and offers language customization services. This solution saves radiologists an average of over 60 minutes per day, enhancing work efficiency while reducing diagnostic error rates and alleviating physician burnout.

Dr. Jeff Chang, Founder of Rad AI, stated, “Radiology is currently facing immense pressure on all fronts. We help radiologists reduce their workload, improve their efficiency, and enhance the accuracy of their reports. Through close collaboration with radiologists, we aim to provide better care for patients.”

Zachary Bratun-Glennon, Partner at Gradient Ventures, stated, “The Rad AI team comprises leading experts in radiology and AI, possessing firsthand insights into this market, which makes them the ideal candidate to apply innovative AI technologies to the field of radiological medicine. We are encouraged by the positive product feedback from their customers and look forward to the profound impact this solution will deliver in the future.”

It is reported that Rad AI’s current commercial partners include Greensboro Radiology, Medford Radiology, Einstein Healthcare Network, Bay Imaging Consultants—the largest private radiology group in the United States—as well as other undisclosed radiology practices.

Gradient Ventures, established in 2017, is a venture capital firm focused on the AI sector, founded by Alphabet, Google’s parent company, and headquartered in Palo Alto, California, USA. Leveraging Google’s substantial resources, leading technology, and innovation in artificial intelligence, the firm invests in and connects with early-stage startups, helping founders navigate the challenges of developing new technologies and products, thereby enabling them to harness AI technology to turn their ideas into reality.

(Compiled by Hu Lushuang)