Israeli artificial intellegence healthcare startup Aidoc has closed a $27 million Series B led by Australian venture capital firm Square Peg Capital, it said in an announcement on Wednesday.
The latest Series B round brings Aidoc’s total funding to $40 million. The fresh capital raised will be used to grow Aidoc’s technology and go-to-market team to support the demand for its products.
Founded in 2016, Aidoc provides imaging solutions for radiologists to enhance their diagnosis by flagging acute anomalies in real-time. Its solutions are currently deployed at over 100 medical centers and has reviewed a total of 1 million patients – the largest number of images analysed by an AI tool, the startup claims.
“From the 100 sites we’re already working with, mounting evidence is demonstrating real value to patients. 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 2 years and we’re proud to partner with Square Peg to support this growth,” said Aidoc co-founder and CEO Elad Walach.
The startup will soon release its oncology line of products as well as the extension of its current suite for time-sensitive conditions to X-ray. Walach added that Aido is working with the American College of Radiology DSI to continuously monitor the performance of its solutions that are already active in hospitals across the US.
“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. Aidoc is the most mature company in AI for radiology, and we believe our partnership will help fuel their triple-digit growth,” said Square Peg Captial partner Dan Krasnostein.
Square Peg Capital is said to be raising more than $158 million for its upcoming fund. In Southeast Asia, it has invested in Indonesian fintech startup Kredivo and Singapore-based property startup PropertyGuru. Square Peg Capital has also backed Australia-based fintech startup Airwallex in its $6 million pre-Series B round.