What You Should Know:
– Rad AI, one of the fastest-growing healthcare AI companies and the first to develop a large language model in healthcare, today announced a $60M Series C. The oversubscribed round was led by Transformation Capital, with participation from existing Khosla Ventures, World Innovation Lab, UP2398, Kickstart Fund, OCV Partners, Cone Health and others.
– This raise comes seven months after their $50M Series B.
Rad AI: Advancing Radiology with Generative AI
Rad AI is the leading provider of generative AI solutions for radiology, revolutionizing radiologists’ workflows and enhancing patient care. Its flagship product, Rad AI Reporting, leverages AI-driven technology to optimize radiology reporting, enabling greater efficiency, accuracy, and radiologist satisfaction. Rad AI Impressions, the company’s pioneering product, was the first generative AI application to achieve widespread adoption in radiology and is now trusted by thousands of U.S. radiologists. Rad AI Continuity, the most comprehensive solution of its kind, ensures effective patient follow-up for potential new cancers through AI-driven automation.
Industry Leadership and Recognition
- 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).
- Ranked 19th fastest-growing company in North America on the Deloitte 2024 Fast 500.
Addressing Critical Challenges in Radiology
Radiology is the largest specialty in healthcare, accounting for 10% of all healthcare spending and generating over 700 million images annually in the U.S. alone. Radiologists handle 80% of all healthcare data, making AI-driven solutions essential to reducing their workload and enhancing communication with physicians and patients.
Innovations Driving Efficiency and Impact
With over $140 million in investment, Rad AI has emerged as a leader in generative AI for healthcare, serving thousands of radiologists across health systems and radiology practices in the U.S. and Canada.
- Rad AI Reporting reduces dictated words by up to 90%, saving providers up to 50% of their time, and was awarded “Best New Radiology Software of 2023” by AuntMinnie.
- Rad AI Continuity enhances patient follow-up for actionable findings in radiology reports, particularly for potential new cancers, increasing follow-up rates at health systems from 30% to over 75%, significantly improving patient outcomes and long-term prognosis.
Commitment to Innovation and Growth
Rad AI pioneered the development of the first large language models (LLMs) in medicine in 2018 and introduced one of the first generative AI products in healthcare in 2019. With a mission to address complex challenges in healthcare and technology, Rad AI is actively expanding its team and hiring across a wide range of roles to continue driving innovation in the field.