Enlitic, a San Francisco-based healthcare company focused on the use of AI in medical imaging, announced Thursday, April 4, that it has closed a $15 million Series B financing round. Marubeni, a company that has helped Enlitic in the Japanese market, led the round, which also included investments from Capitol Health and new Australian investors.
Enlitic is currently developing algorithms to automatically detect suspicious findings on medical imaging results. The company’s first solution is for reading chest x-rays and prioritizing images as necessary.
Roughly 10% of this financing round will go toward individual physicians who have trained on the company’s solutions or helped with their development. The rest is expected to help expand Enlitic’s AI portfolio, hire more engineers and data scientists and fund the regulatory approval process in the United States and elsewhere around the world.
Kevin Lyman, the company’s CEO, spoke in a prepared statement about how he hopes his Enlitic’s solutions can help improve radiologist workflow.
“Radiologists have one of the hardest jobs in the world,” Lyman said. “They need to be able to identify thousands of different abnormalities in hundreds of different types of images. Even a single mistake can mean life or death, and yet they’re asked to read under tremendous time pressure in an environment full of distractions. Our Series B is a huge step toward helping them relieve this pressure and improve patient outcomes.”
“Closing this round is a significant advancement to help Enlitic achieve its ambitious strategy to make meaningful clinical products for radiology and the associated healthcare markets,” Anthony Upton, MD, Enlitic CMO, said in the same statement. “This will allow Enlitic to scale production towards achieving AI models that cover the entire body, which will offer a significant impact to daily clinical workflows.”