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” ” Elad WalachAidoc’s CEO. “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.”
The pandemic is causing healthcare systems across the globe to face new challenges. Hospitals across the globe are currently facing increasing challenges. 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. Healthcare in five years will be a more common trend. The United States will be 3.2 Million workers short. Additionally, this has led to hospital costs rising, resulting in American hospitals suffering. 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” ” 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, which is the first of its type, already offers 15 FDA-cleared medical solutions. Additionally, the Care Coordination app acts as an intelligent layer over hospital IT systems. This allows physicians to have a central solution for addressing care points across the health system. The platform allows radiologists and other imaging professionals the ability to triage urgent cases. It also allows care teams to draw deep, actionable insights from digital medical records and images. The Platform empowers physicians to spend more time with patients, be proactive, and provide better treatment than being reliant on manual processes or being reactive to inbound calls.
“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,” ” 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,” ” 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.”