Rad AI announced $25 million Series A to transform radiology
Rad AI is the fastest growing radiologist-led artificial intelligence (AI) company, with its technology, the company streamlines the radiology workflow, providing time savings for radiologists and improving report consistency.
This latest round of funding was led by ARTIS Ventures with participation by several existing investors, including OCV Partners, Kickstart Fund, and Gradient Ventures (Google's AI-focused fund).
With the $25 million in funding, Rad AI will drive further development and commercialisation of Rad AI Omni and Rad AI Continuity, the company’s first core offerings on its AI platform.
It will also advance Rad AI’s mission to empower radiologists with AI: saving them time, reducing burnout, and helping to improve the quality of patient care.
"At Rad AI, we’ve always believed that AI will augment and benefit radiologists, not replace them. Radiology is an extraordinarily complex field, of which image pattern recognition is only a small part. By building products that put the radiologist and patient first we’ve been able to break through the noise and focus on what really matters -- reducing radiologist fatigue and improving patient care," said Doktor Gurson, co-founder and CEO of Rad AI.
Supporting radiologists with Rad AI’s technology
Since its founding in 2018, Rad AI has seen rapid adoption of its AI platform and is now being used at 7 of the 10 largest private radiology practices in the United States.
The company’s first product, Rad AI Omni, saves radiologists an average of 60 minutes per day and helps achieve up to 20% time savings per report. It automatically generates a customised impression from the findings and clinical indication dictated by the radiologist, using the most advanced neural networks.
“AI is now serving as a critical skill multiplier for physicians, allowing for significant improvements in patient outcomes and overall healthcare costs. Within healthcare, radiology is a key part of medical diagnosis and treatment, and ideally suited to leverage the power of AI and machine learning,” said Stuart Peterson, founder and managing partner of ARTIS Ventures.
He continued: “Rad AI's recent and significant momentum is a function of these tailwinds and its unique position - it has been built for radiologists by radiologists, transforming the field with this inside perspective as its driving force. We believe they are set to unlock enormous value for the entire healthcare imaging ecosystem."
In October, the company was also recognised as the Best New Radiology Vendor by AuntMinnie.
AuntMinnie.com is the largest community website for medical imaging professionals worldwide, and the Minnies have been the premier awards event in radiology since 2000.
