Fresh off inking a partnership with imaging giant Radiology Partners, Aidoc has raised $66 million in new funding, the Tel Aviv, Israel, company announced Tuesday.
Venture capital firm General Catalyst led this latest fundraising round, which increases the vendor’s war chest to $140 million. Aidoc said the contributions will fuel expansion of its cross-specialty artificial intelligence platform amid a recent quadrupling of its customer base.
“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," Chris Bischoff, managing director of Cambridge, Massachusetts-based General Catalyst, said in a statement.
Rad Partners and Aidoc first announced their team-up in April, declining to disclose the terms of the deal. Law firm Sidley Austin advised RP on the partnership, which the two claim created the largest clinical deployment of AI in healthcare, affecting 40 million imaging exams annually.
Along with implementation, the two companies said they’ll collaborate around data, post-market surveillance, marketing, distribution, physician education, training and feedback. RP currently employs 2,800 radiologists across 33 states working in 3,400 sites including 140 imaging centers, according to its website.
Consolidation in Connecticut
Midstate Radiology Associates, a Connecticut practice around since 1955, is acquiring Radiology Group P.C., one of the state’s first outpatient imaging providers.
With the move, Midstate said it will now offer radiology services in the communities of Hamden and Branford. They’re also adding “highly decorated,” board-certified rad Jay Sokolow, MD, to the Midstate team of physicians.
“These imaging services are in convenient locations that patients consider ‘close to home,’ focusing everything that we do to ensure patients with the best medical imaging experiences possible,” Tom Cappas, MBA, director of operations at Midstate Radiology Associates, said in a statement.
The group bills itself as one of the “leading” imaging practices in Connecticut and in a previous interview said it’s striving to become the “Amazon of radiology.”
Rayus’ latest M&A news
Newly renamed Rayus Radiology is revealing further details about its latest acquisition of a three-location practice in Washington state.
The Minneapolis-headquartered group is adding InHealth Imaging to its roster with hubs in Poulsbo, Bremerton and Port Orchard. Its latest addition balloons Rayus Radiology’s roster to 14 centers in the Seattle and Puget Sound region and 145 total across 22 states, the company said Tuesday.
InHealth Imaging founder Manfred Henne, MD, PhD, said the partnership will help position the practice to provide high-value, outpatient imaging options close to patients’ homes.
Formerly known as the Center for Diagnostic Imaging, the firm just recently changed its name to Rayus while also acquiring practices in Utah and Florida. Private equity firm Wellspring Capital Management acquired CDI back in 2019.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.