Digital Diagnostics, an artificial intelligence diagnostics company, has landed a $75 million Series B funding round.
The company, based in Colarville, Iowa, has raised more than $130 million in funding since launching in 2010. Investment firm KKR led this round with participation from Cedar Pine, Kinderhook, 8VC, Optum Ventures, OSF Ventures, Gundersen Lutheran, Edward - Elmhurst Health Venture Capital and the University of Iowa.
The company said it will use the funding accelerate its product roadmap, increase distribution and invest in sales and marketing. Along with the funding, Ali Satvat, a partner at KKR, and Stephen Weiss, managing director at Cedar Pine, joined the company’s board of directors.
Through its IDx-DR product, Digital Diagnostics uses an autonomous AI diagnostic system to detect diabetic retinopathy. It was the first company in medicine to receive clearance from the U.S. Food and Drug Administration for usage of autonomous AI.
KKR is investing in Digital Diagnostics through its healthcare strategic growth strategy, focused on financing high-growth healthcare companies. This is KKR’s third investment in digital health this year, according to Digital Health Business & Technology’s database.
Digital Diagnostics recently signed an agreement with Kingdom of Saudi Arabia's Ministry of Investment to develop the company’s AI technology within the country. Diabetic retinopathy has a prevalence of 44.7% in Saudi Arabia among those 40 and older, according to a study from the King Khaled Eye Specialist Hospital in Riyadh, Saudi Arabia.
The deal was part of 18 partnership agreements between the United States and Saudi Arabia in industries such as energy, space and healthcare, which were signed when President Joe Biden visited the country in late July.
