AI solutions provider for radiologist, Aidoc secured $20 Million in funding

Aidoc, a New York-based provider of AI solutions for radiologists, has now secured an additional $20 million as a part of its Series B funding round.

Aidoc is founded by the Elad Walach. It offers a comprehensive suite of AI solutions for radiology, which includes the six FDA cleared products for flagging acute abnormalities directly in the radiology workflow.

The company is used by the radiologists across the globe and has undergone a massive expansion, as of now, serving more than 500 health centers in five continents.

Dan Krasnostein, Partner at Square Peg Capital, said, "We are incredibly proud and excited to be able to continue to back the Aidoc team. 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 co-founder and CEO Elad Walach, said, "I am encouraged to see that recent changes in the healthcare world helped crystalize the value of AI. 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."

The round was backed by the Square Peg Capital. 

The latest funding round brings the total amount of funding secured by the company in the round to $47 million and $60 million since its inception.

The company also noted that its revenue has tripled since 2020 even there is a global pandemic situation.