AI Healthcare startup Aidoc secured $66M in Series C Funding Round

Aidoc, an Israel based provider of Artificial Intelligence (AI) for medical imaging has secured $66 million in a Series C funding round.

Aidoc is founded by Elad Walach. It offers AI solutions for medical imaging. The company supports the medical specialists to help acute flag anomalies in real-time, expediting patient treatment and improving quality of care. The healthcare AI platform is, as of now, being used by radiologists in the health network, radiology, and hospitals groups across the globe and has analysed over eight million cases to date

Aidoc co-founder and CEO Elad Walach said, "This investment comes after significant milestones; expanding our product lines, doubling our FDA clearances and quadrupling our customer base. We are experiencing a huge expansion, which is also a direct result of C-level executives adopting an AI strategy and integrating our platform as a must-have solution across clinical pathways. It is truly rewarding – and a great responsibility – to be the trusted partner of the most innovative health systems and physician practices across the globe."

Chris Bischoff, Managing Director at General Catalyst, said, "At General Catalyst, we believe in addressing the big challenges in healthcare, and it is clear to us that Aidoc has both a bold vision to use AI to set a new standard of care in medical imaging and a concrete plan to reach that. The fast growth in adoption of Aidoc’s platform by leading systems and providers reinforces its market leadership and demonstrates the effectiveness of its technology and workflow solutions."

The round, which brought the total funding to $140 million, was backed by the General Catalyst.

According to Signify Research report, the AI-powered medical imaging market is expected to reach $1.5 billion by 2024. The market will be expected to grow more post Covid-19 pandemic and as the overall customer confidence in AI-based clinical solutions increases.

The AI healthcare startup, as of now, has plans to use the new funds in expanding its AI platform for medical imaging. The funding also allows Aidoc to bring its AI solutions to the enterprise-grade level, notes the announcement.