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Aidoc. (4/17/19). "Press Release: We Raised 27 Million to Continue Our Mission in Making AI Standard of Care in Radiology".

Organisations Organisation Aidoc (IL)
  Organisation 2 Square Peg Capital
Products Product X-ray analyis software
  Product 2 artificial intelligence (AI) / machine learning
Index term Index term Aidoc–SEVERAL: investment, 201904 financing round Series B $27m led by Square Peg Capital
     


On behalf of the entire Aidoc team, I am happy to announce that we have raised an additional 27 million dollars in a series B round led by Square Peg Capital! This funding will help us scale our products to fulfill our mission: making AI a standard of care in radiology.

We’re proud to be joining forces with Squarepeg (that led an investment in Fiverr’s $60M DC round), to help fuel our growth and provide life-saving AI solutions to a broader base of patients throughout the world.

As a company, there are distinct moments in time, when you feel that it is never going to be the same. Series B, and especially this series B, is one of such moments. It catapults us into a higher league, where, in addition to the development of new technologies and products, we are able to scale up our deployment.

A desire for growth is natural for every company. However, in our domain, growth means more than money. It means wider patient access to our services, which in turn translates into more human lives being saved. This is what drives us forward each morning. How many people did we save so far? It is impossible to say. However, only this week alone, we have received 14 calls from physicians describing clinical cases where our technology made the difference. Knowing that physicians are ready to sacrifice some of their precious time to let us know their appreciation, is the best motivation one can hope for.

Of course, none of what we achieved so far could have been possible without help from our close network. Like Marcus Aurelius stated in his awesome book, Meditations (yes, written 2000 years ago), we need to remember the things that we are grateful for.

First of all, I would like to mention the tremendous efforts and endless hard work by our team. Thank you, fellow Aidocees, for believing in our mission and dedicating your professional and personal efforts to transform this into reality.

We also owe a debt of gratitude to our early investors – we’re very fortunate to have people that identified our potential and believed in the Aidoc vision. Your continuous guidance and support were essential in helping us move forward.

Last, but definitely not least, I would like to thank our amazing customers and partners for providing continuous feedback and helping us to identify areas where technology can provide the greatest value and impact.

When we started Aidoc we had an intuitive feeling that, in the radiological space, there are pain points that only AI can address. However, we never imagined the type of impact that AI solutions can have in radiology, ranging from cutting costs to saving human lives. Now, over two years down the road, we see mounting clinical evidence to the effect that AI is a must-have. We’re happy to be at the forefront of the healthcare transformation in this domain. Yes AI Radiology solutions do work! Hence, we feel a responsibility to get our technology into as many hospitals as possible, as soon as possible. Our aim is to reach thousands of hospitals in the next 2 years and we’re proud to partner with Square Peg to support this growth.

Our vision

I often talk about AI becoming an integral part of the standard of care. This means that it would be a part of the day-to-day practice. Initially, we thought it would be mostly used to solely impact the workflow. Now we are striving to forge a robust work tool essential in supporting the daily workflow while improving quality of care.

While this (AI standard of care) is a relatively new concept, I believe it’s a crucial next step for AI to be widely adopted across the radiology spectrum.

We’ve already seen the FDA streamline its framework for regulating AI. The IT ecosystem has also begun to make great strides, with the American College of Radiology Data Science Institute announcing its industry-first AI validation process (in cooperation with us).

However, more steps are needed. If we want AI to truly become a standard of care, we need to accumulate a compelling body of evidence proving the clinical value of the AI systems. Today our systems process, annually, over a million cases in tens of hospitals. We need to be in thousands of hospitals running tens of millions of cases and saving the lives of thousands of people all over the world. Having this new funding at our disposal will give us the opportunity to produce a large volume of clinical outcomes, based on a wide install base. This, in turn, will pave the way towards making our AI solution into an integral part of the standard of care.

There are many challenges before us but also many thrilling opportunities. We can’t wait to get started.

   
Record changed: 2019-04-27

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