Aidoc, a Tel-Aviv, Israel-based medical imaging company, announced that it has raised $27 million in a Series B investment round led by Square Peg Capital. The funds will go toward marketing the company’s solutions, which use artificial intelligence (AI) to improve radiologist workflow, and reaching more customers.
“From the 100 sites we're already working with, mounting evidence is demonstrating real value to patients,” Elad Walach, Aidoc co-founder and CEO, said in a prepared statement. “We feel a responsibility to get this technology into as many hospitals as possible, as soon as possible. Our aim is to reach 500 hospitals in the next two years and we're proud to partner with Square Peg to support this growth.”
“Our evaluation process included numerous conversations with hospitals that are using Aidoc's solution in clinical settings, and the value they bring to patient care became evident,” Dan Krasnostein, partner at Square Peg Capital, said in the same statement. “Aidoc is the most mature company in AI for radiology, and we believe our partnership will help fuel their triple-digit growth.”
Aidoc is also planning to release a new line of oncology solutions and extend its suite of solutions to x-ray. In addition, the company has established a close working relationship with the American College of Radiology Data Science Institute to monitor how its AI solutions perform in a clinical environment.
“Providing public visibility on the real-life clinical impact of AI across diverse settings is crucial for the continued adoption of these technologies in medical practice,” Walach said.