Led by Khosla Ventures; investment to expand Rad AI's generative
AI solutions across health systems globally
SAN FRANCISCO, May 7, 2024 /PRNewswire/ -- 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.
Contact:
Nicole Broomhead
nicole.broomhead@radai.com
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SOURCE Rad AI