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Aidoc gets $150M to support AI foundation model development
The health AI company plans to use the new funds to continue developing its CARE foundation model and aiOS clinical AI operating platform.
Aidoc, an Israeli health AI company, has raised $150 million in a new funding round. Four U.S. health systems participated in the new financing round, which also included a $40 million revolving credit facility, bringing the company's total funding to $370 million.
Hartford HealthCare, Mercy, Sutter Health and WellSpan Health joined General Catalyst and Square Peg, which led the funding round, to support the development of Aidoc's clinical-grade foundation model CARE.
The model is trained on multimodal data and is already used in numerous applications, including Aidoc's Rib Fractures triage solution, which has received FDA clearance. The company plans to transition all its models to CARE and invest over $150 million through strategic initiatives with NVIDIA and Amazon Web Services to bring CARE to market.
"Foundation models will soon be as ubiquitous in healthcare as ChatGPT is in general use," said Michael Braginsky, co-founder and chief technology officer of Aidoc, in the news release. "Scaling clinical AI is an enormous lift – it requires top-tier talent, powerful infrastructure, deep real-world insight and sustained funding. Success isn't guaranteed, but we believe we're in a unique position to bring this vision to life, and we feel a deep responsibility to do so."
The new funds will also be used to expand Aidoc's aiOS platform that supports clinical AI deployment and governance. The primary goal of the expansion is to support efforts to integrate Aidoc and third-party AI solutions within health system IT infrastructures. According to Aidoc CEO Elad Walach, 69% of the company's customers run non-Aidoc models on aiOS.
"[W]e're committed to growing that ecosystem, ensuring each solution we onboard will lead to significant clinical impact," he noted.
More than 150 health systems, including Mount Sinai Health System, Yale New Haven Health System, Northwell Health, and Sutter Health, currently use Aidoc solutions.
Founded in 2016, the health AI company has raised millions of dollars across 10 previous funding rounds.
Anuja Vaidya has covered the healthcare industry since 2012. She currently covers the virtual healthcare landscape, including telehealth, remote patient monitoring and digital therapeutics.
