Rad AI, a leader in generative AI for healthcare, announced it raised $50 million in Series B funding. The funding round was led by Khosla Ventures, with participation from WiL (World Innovation Lab) and existing investors ARTIS Ventures, OCV Partners, Kickstart Fund, Gradient Ventures (Google’s AI-based fund), and others. This funding round raised the total capital to over $80 million.
Rad AI’s solutions are used by over a third of all US health systems and by 9 of the 10 largest US radiology practices, saving physicians hours daily and helping ensure patients’ new cancers are diagnosed and treated promptly.
In 2018, Rad AI pioneered one of the first commercial generative AI products in healthcare. This product automatically generates parts of the radiology report customized to the radiologist’s language and style. Radiologists spend most of their time dictating reports based on what they see on medical images, often creating reports for over 100 patients daily.
The company’s new Rad AI Reporting platform is now the leading AI-enabled solution for radiology reporting workflow. Rad AI Continuity, its patient follow-up solution, has been adopted by many of the country’s largest health systems. Rad AI’s products now offer a significant positive impact on nearly 50 million patients each year.
The company’s AI models streamline repetitive tasks like 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 utilizing Rad AI’s solutions can increase patient follow-up rates for actionable findings from 30% to over 85% and help ensure that patients’ new cancers are diagnosed and treated promptly and create reports twice as fast while also reducing the number of words dictated in many cases by up to 90%. This improves radiologist fatigue and burnout and reduces report error rates by nearly 50% for complicated cases, improving the quality of care.
Over 80% of all healthcare data originates from radiology, which gives Rad AI a massive data advantage in training its proprietary LLMs with incredibly high accuracy and individual user language customization. And Rad AI’s models are trained on some of the largest healthcare datasets, including exclusive partnerships with many leading health systems and radiology practices.
Rad AI’s revenue tripled year over year, and the latest round of funding will accelerate the development and deployment of the company’s products as Rad AI expands its team.
KEY QUOTES:
“At Rad AI, we’ve built the most widely adopted generative AI solutions in healthcare, saving physicians time and improving patient care. 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.”
– Doktor Gurson, co-founder and CEO at Rad AI
“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. 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.”
– Alex Morgan, MD PhD, partner at Khosla Ventures
