Aidoc, a healthcare AI company, received a $110 million Series D funding round investment.
The company said the funding will be used to research and develop new algorithms to expand its offerings in five new service lines including emergency and oncology.
Aidoc expects this process to take three years. Currently the company’s platform works in three departments: radiology, cardiology and neurology.
“I think AI is a massive tool to reduce the variability of the health system,” said Elad Walach, Aidoc’s CEO, adding the platform helps standardize care and increase health equity. “Especially in the community where you may not have access to the same level of talent, or you want to transfer patients very quickly.”
Buy-in on digital health from physicians remains a challenge. According to a survey from Teladoc and Health Management Academy, while 77% of health systems partner with external organizations on digital health, only 39% of leaders say that they have received sufficient clinician buy-in.
The company said its platform will aid physicians with their clinical decisions and integrate across departments.
According to Aidoc, its AI Care Platform is used in around 1,000 hospitals, most of which are in the U.S.
With a total funding of $250 million, Walach declined to provide an exact valuation on the company. The Series D round was co-led by global growth investors TCV and Alpha Intelligence Capital (AIC), with participation from CDIB Capital.