An algorithm established by Aidoc flags potential Covid-19 cases from lung CT scans. Image credit: Aidoc
A start-up building diagnostic tools for radiologists got a fresh influx of financing as it wants to expand its suite of algorithms. Tel Aviv-based Aidoc just recently raised a $66 million funding round led by General Catalyst, bringing the overall raised to date to $140 million.
The business plans to use the funds to develop out its platform of AI options and bring it to more experts.
“Our R&D team produces and trains separate algorithms for each of the pathologies we cover. Our advancement pace is already unprecedented and the additional funding will enable us to further increase production as Aidoc becomes a comprehensive option helping radiologists with any condition,” Aidoc Vice President of Marketing Ariella Shoham composed in an emailed statement.
Considering that it was founded in 2016, Aidoc has received 510(k) clearance for more than 6 software application tools to flag cases for radiologists to examine. In 2015, it received clearance for a tool designed to find incidental lung embolism in lung CT scans, meaning it might signal radiologists of potential cases where a blood embolism is lodged in a clients lung, even when the scan was bought for something else.
Currently, the Food and Drug Administration manages these AI tools as class II medical gadgets, meaning that they should prove that they are “substantially equivalent” to another device to be marketed. However there are still some restrictions. A recent review of FDA-cleared AI devices showed that many are only tested retrospectively, indicating its difficult to understand how well they actually perform as utilized by clinicians.
As it notches more regulative clearances, Aidoc states it is gaining customers. The business recently began working with Radiology Partners, a radiology practice group spanning 8 states. Recently, the business has experienced a “huge growth,” consisting of doubling its FDA clearances and quadrupling its consumer base, CEO and co-founder Elad Walach stated in a news release.