One of the many benefits of being a clinician-led fund is that we can understand the day-to-day realities of medicine and the challenges that clinicians face. A hard truth is that medical professionals are not just striving to improve patients' health, but are often battling against time. This is particularly true in the emergency room, where the most common procedure is the radiology exam. A staggering 400 million images are produced every year, worldwide for traumatic injuries and it is the responsibility of radiologists to make sure nothing is missed. This understanding of the pressures faced by radiologists and the technological solutions that are needed has led Crista Galli Ventures to make our first investment in France, into Gleamer.
Aidoc, which bills itself as an AI solutions provider for radiologists, today closed a $20 million extension to the series B it raised in April 2019, bringing the round total to $47 million and the company's total raised to $60 million. Cofounder and CEO Elad Walach says the money will be used to support new customers after revenue tripled from the beginning of 2020. Computer vision holds promise for the $6.5 trillion medical diagnostics industry, as highlighted by a 2018 paper in the journal Nature that found that some algorithms can identify skin cancer as accurately as a panel of doctors. For instance, Sight Diagnostics uses machine learning algorithms to perform point-of-care complete blood count (CBC) tests within 10 minutes with no more than a pinprick of blood. Aidoc got its start in 2016, when veterans of the Israeli Defense Force put their heads together to create an AI platform targeting certain health care verticals.
Aidoc announced today that the US Food and Drug Administration (FDA) has given regulatory clearance for the commercial use of its triaging and notification algorithms for flagging and communicating incidental pulmonary embolism . Flagging incidental, critical findings is a huge technical challenge due to the varied imaging protocols used and lower incidences of such cases. The ability to prioritize incidental critical conditions accurately is a breakthrough in the value AI can bring to the radiologist workflow. "The most common use case we experienced is for critical unsuspected findings in oncology surveillance patients" said Dr. Cindy Kallman, Chief, Section of CT at Cedars-Sinai Medical Center. "The ability to call the referring physician while the patient is still in the house is huge. We are essentially offering a point-of-care diagnosis of PE for our outpatients. Our referring physicians have been completely wowed by this."
Aidoc, the leading provider of AI solutions for radiologists, today announced that the US Food and Drug Administration (FDA) has cleared its AI solution for flagging Large-Vessel Occlusion (LVO) in head CTA scans, marking Aidoc's fourth FDA-cleared AI package. Combined with Aidoc's previously-cleared AI module for flagging and prioritizing intracranial hemorrhage, together they provide a comprehensive AI package for the identification and triage of both ischemic and hemorrhagic stroke in CTs, speeding time to treatment when every minute counts. "Stroke is the ultimate time-critical condition," said Dr. Marcel Maya, Co-chair Department of Imaging, Cedars-Sinai Medical Center. "The faster we can identify, diagnose and treat it, the better the outcome for patients. Aidoc's comprehensive stroke package flags both large vessel occlusion and hemorrhages inside our existing workflows, ensuring we can diagnose stroke faster and decide on the best course of treatment. We're already seeing how this has a positive impact on department efficiency and patient length of stay."
This week Aidoc announced that they have raised $110 million in their Series D expansion round. This round of funding was co-led by TCV and Alpha Intelligence Capital with participation from CDIB Capital. Funding raised in this round will go toward expansion of Aidoc's first of its kind AI Care Platform. The platform offers health systems a singular platform solution designed to help doctors manage the entire patient lifecycle--from diagnostic aid, to consultation, to suggested treatment paths, to patient follow-up tools. In clinical studies, this platform has proven to reduce turnaround time, shorten patient length of stay and improve patient outcomes.