Aidoc, the leading provider of healthcare AI solutions, announced today a $110 million Series D round investment, bringing its total funding to $250 million. The round, co-led by global growth investors TCV and Alpha Intelligence Capital (AIC), with participation from AIC’s co-investor CDIB Capital, will power the continued expansion of the Aidoc AI Care Platform. The platform enables hospitals to tackle their most prominent challenges, especially in the post-pandemic reality of physician and nursing shortages, rising supply costs, and an increasingly challenging economic environment.
“We are building the kind of breadth and depth in AI that is allowing hospitals to fundamentally change the way they do business and provide the solutions needed to successfully compete during these challenging times,” says Elad Walach, CEO of Aidoc. “Aidoc is already the leading imaging AI platform, but with this new round of investment, our aim is to massively ramp up our AI Care Platform to cover both the various hospital medical service lines and the depth of integration into the clinical workflows, empowering hospitals to activate cross-specialty care teams and deliver the best quality of care in a scalable, efficient way to patients.”
Healthcare systems around the world currently face increasing challenges exacerbated by the pandemic. Currently, hospitals across the United States face growing labor shortages, with 30% choosing to retire and an additional 31% considering leaving the healthcare profession, according to Morning Consult – resulting in burnout and greater room for delayed or even missed care. The trend is expected to continue, and within five years, healthcare in the United States will be 3.2 million workers short. Moreover, these shortages have driven up operational costs, leading to hospitals in the U.S. suffering from red operating margins for the four consecutive months leading into 2022.
“These days it’s not business as usual for hospitals and health systems. Healthcare leaders face an increasingly tough economic environment and it’s going to require that we use technology like artificial intelligence to re-think ways to do business” says David Shulkin MD, former Secretary of the U.S. Department of Veterans Affairs.
Clinical research conducted on Aidoc’s AI solutions has shown its potential value in empowering physicians to manage larger patient volumes by reducing time to treatment, shortening length of stay in the ED and capturing more patients requiring advanced treatments. Now, Aidoc, is bringing its AI-driven clinical experience from medical imaging and multidisciplinary response teams to the entirety of the hospital enterprise—covering the key modalities, the various specialties and aiding physicians in managing the entire patient care continuum, all connected under the AI Care Platform.
The AI Care Platform, the first of its kind, already boasts 15 FDA-cleared clinical solutions, in addition to the Care Coordination application which operates as an intelligent layer on top of hospital IT systems, offering physicians a centralized solution to address care points, across the health system. The full platform empowers radiologists and other imaging professionals to triage potential time-critical cases and for the care team to conclude deep, actionable insights derived from imaging data, and electronic medical records. Through the Platform, physicians are empowered to spend more time engaging patients, being proactive and providing higher quality treatment, rather than being consumed by manual processes, being reactive to inbound requests and risking patients slipping through the cracks.
“Founded with a patient-focused and product-centric mentality, Aidoc has a bold vision to forge a new market category in healthcare and deep, established roots in medical imaging,” says Gopi Vaddi, General Partner at TCV. “We believe Aidoc’s platform will change the way hospitals operate and serve as the missing layer of intelligence needed to transform healthcare.”
“With this new round of financing, we are excited to strengthen our existing partnership with the team at Aidoc, whose products have a tangible impact on the treatment of patients at some of the world’s leading medical institutions,” says Uday Sandhu, Partner at Alpha Intelligence Capital. “AIC invests in companies with decisive algorithmic advantages and Aidoc, in our opinion, has the unique opportunity to continue using its AI expertise to improve patient outcomes and make physicians and hospitals more efficient.”