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news.Rad AI has raised an oversubscribed $60m in a Series C funding round to expedite the development and deployment of generative AI technology to healthcare providers and systems across the globe.
The company is also addressing the issue of patient follow-up with Rad AI Continuity. Credit: CDC on Unsplash.
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This places the company’s valuation at $525m.
Transformation Capital led the funding round, with participation from current investors like World Innovation Lab, OCV Partners, UP2398, Khosla Ventures, Cone Health, and Kickstart Fund.
This latest raise follows a $50m Series B round seven months earlier.
Rad AI’s technology is leveraged by several radiologists across the US, with its use spanning health systems and radiology practices that collectively account for almost 50% of the country’s medical imaging.
Rad AI introduced the first generative AI solution in healthcare, Rad AI Impressions in 2018.
Rad AI Reporting, the company’s most recent development, extends this AI approach to the entire radiology reporting process, minimising the amount of dictated text by up to 90% and cutting provider time by up to 50%.
The company is also addressing the issue of patient follow-up with Rad AI Continuity, which focuses on actionable findings, such as potential new cancers, in radiology reports.
Leveraging AI-powered automation, Rad AI Continuity has aided in increasing follow-up rates at health systems to up to 75% from 30%, resulting in earlier diagnoses and improving treatment timeliness.
The company is continuing to expand its team and is actively hiring across various roles to support its work in improving healthcare technology.
Rad AI CEO and co-founder Doktor Gurson said: “At Rad AI, we focus on empowering physicians with AI – saving physicians time, reducing burnout, and improving the quality of patient care.
“Over the past few years, Rad AI has become a mission-critical part of physician and health system workflows across North America. This strategic funding round will accelerate our progress as the leading AI-driven workflow platform in healthcare.”
