Less than a year after the artificial intelligence company for medicine Aidoc Raised $ 66 million, the company announced today the raising of an additional $ 110 million. The recruitment, however, probably does not bring the debtRe to the value of a ‘unicorn’ (i.e. $ 1 billion), but even so, in the current financial environment, this is a very significant achievement for the company.
Founders of Eduk: Guy Reiner, Elad Wallach and Michael Berginsk / Photo: Guy Schreiber
The round was led by TCV and Alpha Intelligence Capital, with the participation of existing investors Square Peg and General Catalyst, funds that specialize in artificial intelligence. The company has raised $ 250 million since its inception, including the current round of funding.
Edock’s basic technology is artificial intelligence for decoding imaging images. However, since it started entering the market a few years ago, it has expanded its capabilities to become a decision-support system in the field of software for hospitals, and it offers additional processor functions for decoding the imaging image.
“We want to be the hospital’s intelligence layer,” company CEO Elad Wallach said in an interview with Globes. Addressing specifically this niche, including even Israeli ones, for example viz.AI.
But even today, the company’s systems are used in a thousand hospitals, including leading health organizations in the United States, Europe and most of the major hospitals in Israel. The company’s revenues today are estimated at a few tens of millions of dollars. , Says Wallach. “In the subfield of imaging decoding, we have the credentials to diagnose the most diseases, and we are considered market leaders. Other companies, even the big ones, have introduced specific capabilities but not the platform. “We worked on the platform from the beginning, and once you manage to get into a particular hospital’s system, you can do the scale-up.”
“I think the reason these leading funds have invested in us even in the current market situation, is that everyone understands that there will be a layer of intelligence for the hospital,” Wallach adds. “Must be. The question is only when and by whom.”
The Iduk system now knows how to detect, through imaging, dozens of diseases, including cerebral hemorrhage, stroke, pulmonary embolism and fractures in the spine. When a case that needs to be addressed is identified, the information is transmitted in real time and automatically to the radiologist who requested the imaging, to the doctor and also to the hospital’s logistics staff, who must ensure that the tools for treating the same condition are available.
“Technology has shown in hundreds of hospitals a significant improvement in doctors’ ability to detect diseases, and has already saved lives,” says Wallach. Studies conducted by the company showed that 40% of the patients whose information passed through the system were able to receive relevant treatment earlier.
Idok was founded in 2016 by Wallach, Michael Berginsky (VP of Technology) and Guy Reiner (VP of Development), all three graduates of the Talpiot program.
“Until a few years ago, it was not perceived that it was possible to sit behind a computer screen in Tel Aviv and influence the fate of patients around the world,” says Berginsky. “We get emails every morning from doctors telling us that our system has helped them save a patient’s life, and that’s just the beginning.”