Israeli artificial intelligence (AI) medical imaging startup AIDoc Medicalhas closed a $7 million funding round led by TLV Partners, with participation from previous investors including Magma Ventures and Emerge.
The Tel Aviv based startup plans to use the new capital to expand its core R&D team, customer success, and marketing teams both in the US and in Israel. AIDoc uses artificial intelligence to diagnose medical images including CTs and MRIs.
The company, which was founded by CEO Elad Walach, CTO Michael Braginsky and VP R&D Guy Reiner has raised $10.5 million to date.
Walach said, "We understood that there was real hardship in this field. It's almost unbelievable what is required from a radiologist today. They are like fighter pilots, needing to handle hundreds of patients at the same time."
"Advancements in AI by leading technology companies, the open sourcing of AI technology, the decrease in the price of compute power and the availability of digital data has set the scene for significant innovation through AI across several traditional industries", said Rona Segev, Co-Founding Partner of TLV Partners.
Published by Globes [online], Israel business news - www.globes-online.com - on April 26, 2017
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