Medical AI startup Aidoc raises $150M from Goldman Sachs and Nvidia, eyes IPO within five years

Aidoc eyes IPO following Goldman-led $150M raise

The big picture: Radiology is one of AI's earliest and most established use cases at scale in health care. Follow the money: Goldman Sachs Alternatives' growth equity division led the round. General Catalyst, SoftBank Investment Advisors and NVentures, NVIDIA's venture capital arm, joined. * Aidoc has raised $520 million to date, with TCV and Alpha Intelligence Capital among the other investors. The company declined to disclose valuation or whether any existing investors sold shares. * Proceeds will help Aidoc navigate the notoriously expensive regulatory approval process and invest in building a large, comprehensive AI model, Walach says. How it works: The company's AI can read and flag incidental findings on CT scans and X-rays. Its use cases include emergency department triage and identifying abnormalities on abdominal scans, such as liver and spleen injuries and appendicitis. * Dually headquartered in Israel and New York, Aidoc has also built a foundation model that allows customers to deploy tools from third-party companies. What we're watching: Walach says Aidoc aims to IPO in three to five years. State of play: Aidoc faces competition from both incumbents and startups, as dealmaking in the space continues. * GE HealthCare has made a number of buys since spinning off GE, and it completed a $2.3 billion acquisition of Intelerad last month. * Siemens Healthineers launched its own radiology services suite designed to assist providers with scheduling, reporting and image generation last year. * RadAI raised a $60 million Series C last month led by Transformation Capital, valuing the company at $525 million. By the numbers: Aidoc has received 31 FDA clearances for uses cases ranging from emergency department triage to detecting conditions on abdominal scans.

Nvidia's NVentures backs $150M round for medical AI startup Aidoc - SiliconANGLE

Nvidia's NVentures backs $150M round for medical AI startup Aidoc Aidoc Medical Ltd., a startup with an artificial intelligence platform that helps doctors diagnose patients faster, has secured $150 million in funding. Goldman Sachs led the Series C round. Aidoc stated in its funding announcement today that Nvidia Corp.'s NVentures startup investment arm, General Catalyst and SoftBank Investment Advisors chipped in as well. The software maker's total outside funding now exceeds $500 million. When doctors review a medical image such as an X-ray, they must not only diagnose the patient's condition but also determine how urgently care should be provided. Aidoc provides a platform called aiOS that speeds up the process. It also streamlines certain related tasks such as managing patient data. The software is powered by a custom foundation model called the Clinical AI Reasoning Engine, or CARE for short. According to Aidoc, clinical-grade AI models were historically trained to process a single type of medical data. CARE, in contrast, can analyze medical images, electronic health results, patient vitals and lab results. In January, the U.S. Food and Drug Administration cleared the model for diagnostic tasks across 11 disease indicators. Aidoc earlier secured regulatory approval for three other indicators. The company says that CARE has a specificity of up to 99.7%, which corresponds to an under 1% chance of false positives. According to Aidoc, that's about an order of magnitude better than some competing models. The algorithm's mean specificity, a measure of diagnosis accuracy, is 98% across the 11 disease indicators that the FDA approved in January. Aidoc says that CARE's accuracy enables its aiOS platform to spot incidentals. Those are potential disease indicators that doctors weren't necessarily expecting to find in a medical scan. After identifying an anomaly, aiOS prioritizes it based on its estimated severity. The software brings urgent issues to the attention of medical professionals via a mobile app. Aidoc's platform also eases a number of other tasks. There's a spreadsheet-based data management interface that can be used to track the current status of patients. Furthermore, aiOS can automatically identify patients who may qualify to participate in clinical trials. Aidoc says that its platform has been installed in nearly 2,000 hospitals worldwide. The medical teams at those facilities use it to process data about more than 60 million patients per year.