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Devices Radiology Venture Capital

 News Release - May 7, 2024

Rad AI Closes $50 Million to Empower Physicians with AI

Led by Khosla Ventures; investment to expand Rad AI's generative AI solutions across health systems globally

SAN FRANCISCO, May 7, 2024 -- (Healthcare Sales & Marketing Network) -- Rad AI, a leader in generative AI for healthcare, today announced it raised $50 million in Series B financing. The round was led by Khosla Ventures, with participation from WiL (World Innovation Lab) and existing investors ARTIS Ventures, OCV Partners, Kickstart Fund, and Gradient Ventures (Google's AI-focused fund), among others, bringing total capital raised to over $80 million.

Rad AI's solutions are already used by more than a third of all US health systems and by 9 of the 10 largest US radiology practices, saving physicians hours each day and helping ensure patients' new cancers are diagnosed and treated promptly.

"At Rad AI, we've built the most widely adopted generative AI solutions in healthcare, saving physicians time and improving patient care," said Doktor Gurson, co-founder and CEO at Rad AI. "Rad AI has become a mission-critical part of health system workflows over the past five years. This strategic funding round further cements our position as the leading AI-driven workflow platform in healthcare."

"Radiologists spend 75% of their time dictating reports, time that could be used to analyze more complex images and to fulfill their role as the doctor's doctor," said Alex Morgan, MD PhD, partner at Khosla Ventures. "Rad AI's transformative reporting software – powered by their proprietary LLMs trained on some of the world's largest radiology datasets – materially decreases the time it takes for radiologists to go through their workload while reducing fatigue and burnout."

Empowering Physicians with AI

In 2018, Rad AI pioneered one of the first commercial generative AI products in healthcare, which automatically generates parts of the radiology report customized to the radiologist's language and style; radiologists spend 75% of their time dictating reports based on what they see on medical images, often creating reports for more than 100 patients each day.

Today, the company's latest innovation, Rad AI Reporting, is the leading AI-enabled solution for radiology reporting workflow. Rad AI Continuity, its patient follow-up solution, has been adopted by many of the largest health systems in the country. Rad AI's products now provide a significant positive impact for nearly 50 million patients each year.

The company's AI models streamline repetitive tasks such as physician dictation and follow-up care management, delivering marked time savings, alleviating burnout, and giving physicians more time to focus on patient care. Health systems using Rad AI's solutions are able to:

  • Increase patient follow-up rates for actionable findings from 30% to 85%+, helping ensure that patients' new cancers are diagnosed and treated promptly;
  • Create reports twice as fast while reducing the number of words dictated in many cases by up to 90%, thus improving radiologist fatigue and burnout; and
  • Reduce report error rates by nearly 50% for complicated cases, improving quality of care.

Proprietary LLMs Powered by Radiology Data

More than 80% of all healthcare data originates from radiology, giving Rad AI a massive data advantage in training its proprietary LLMs with incredibly high accuracy and individual user language customization. Rad AI's models are trained on some of the largest healthcare datasets in the world, including exclusive partnerships with many leading health systems and radiology practices.

Rad AI has seen rapid adoption by health systems across the country, with revenue tripling year-over-year. The latest round of funding will accelerate the development and worldwide deployment of the company's products as Rad AI expands its world-class team dedicated to solving some of the most complex challenges in healthcare and technology.

About Rad AI

Rad AI is the fastest-growing radiologist-led AI company. More than one-third of US health systems and radiology practices now leverage the latest generative AI advancements from Rad AI. The company has been recognized as one of the most promising healthcare AI companies by CB Insights (Digital Health 50, AI 100) and AuntMinnie (Best New Radiology Software of 2023, Best New Radiology Vendor of 2021). In Dec 2023, an Accenture report noted that Rad AI has the highest influence score and brand buzz of any private company in radiology.

Founded by the youngest US radiologist in history, Rad AI empowers physicians with Al to save time, reduce burnout, and improve the quality of patient care. By combining deep expertise in healthcare and AI while building on the largest proprietary radiology report datasets in the world, Rad AI has helped save patient lives across the US, ensuring prompt diagnosis and treatment for new cancer while reducing the error rate in tens of millions of radiology reports by nearly 50%.

Learn more about Rad AI at www.radai.com.


Source: Rad AI

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