Aidoc Secures $27 Million in Series B Funding to Accelerate AI-Powered Medical Imaging and Clinical Data Analysis

VCBeat (WeChat Official Account: vcbeat) learned from foreign media that on April 17, Aidoc, headquartered in Tel Aviv, Israel, announced the completion of a $27 million Series B financing round. The round was led by Square Peg Capital, and the proceeds will be used to advance AI technology and expand its team and market presence.

Aidoc completed two seed funding rounds in October 2016, raising a total of $7.5 million, and subsequently closed a $7 million Series A round led by TLV Partners on April 26, 2017.

Aidoc is a company that develops AI software for whole-body imaging, dedicated to helping radiologists detect abnormalities in patient image data through AI algorithms. The AI software developed by the company can perform medical analysis and provide comprehensive solutions for patients, thereby saving radiologists' time and energy.

The company was co-founded by Elad Walach, Guy Reiner, and Michael Braginsky on February 1, 2016. Elad Walach serves as the company’s CEO and is an expert in the field of AI, having previously worked at the Artificial Intelligence Research Institute under the Israeli Air Force. Guy Reiner serves as the company’s Vice President of R&D, bringing extensive experience in high-performance computing, algorithm research, software research, and DevOps; he helped Aidoc’s two product lines secure CE and FDA approvals. Michael Braginsky serves as the company’s Chief Technology Officer, with rich practical experience in medical imaging; he has developed more than 75% of the comprehensive CT product roadmap and created one of the world’s largest annotated medical imaging databases.

Currently, the growth in the number of radiologists has failed to keep pace with the surge in newly acquired CT and MRI scans, making medical image interpretation one of the bottlenecks hindering progress in today’s healthcare sector. Regarding the difficulty of radiologists’ work, Elad Walach described it as follows: “Diagnosing diseases from medical images demands exceptionally high technical expertise from radiologists. Their task is as arduous as that of fighter pilots, requiring them to manage hundreds or even thousands of patients.”

Fortunately, the emergence of artificial intelligence has significantly benefited the healthcare industry. The integration of various computer technologies, including computer vision, deep learning, and natural language processing algorithms, helps physicians maximize the completion of medical diagnostic tasks within limited timeframes. Aidoc has developed deep learning algorithms to create an advanced, medical-grade AI-based clinical decision support software. This solution accelerates the identification of anomalies in imaging and clinical data, enabling radiologists to detect abnormalities invisible to the naked eye and prioritize the expedited management of critically ill patients requiring timely intervention. It is important to note that this software is not a standalone solution; rather, it is designed to integrate with radiologists’ workflows to optimize their efficiency.

To date, Aidoc has deployed its software in over 100 medical centers, reviewing more than 1 million patient cases and prioritizing over 120,000 cases.

Square Peg Capital is a venture capital firm based in Melbourne, Australia. Founded in 2012, it specializes in early-stage, growth-stage, and expansion-stage investments in the technology sector, primarily focusing on companies in Australia, New Zealand, Southeast Asia, and Israel.

(Editor: Wang Chan)