Subtle Medical, an AI-powered medical imaging software company, announced a $33 million growth financing round led by Morgan Stanley Expansion Capital, the growth investment platform of Morgan Stanley Investment Management. The round also included participation from Shinhan Venture Investment and existing investors Fusion Fund, EnvisionX, BRV, and Samsung Ventures, bringing the company’s total funding to $86 million.
Based in Menlo Park, California, Subtle Medical develops vendor-neutral software that works across existing MRI, PET, and CT imaging systems regardless of manufacturer. Its technology is designed to help hospitals and imaging centers improve workflow efficiency through scan-time reduction, image enhancement, dose optimization, and imaging standardization without requiring new scanner hardware investments.
The company said the new funding will support continued product development and commercial expansion across the United States and international markets. Subtle Medical currently offers 11 FDA-cleared software products spanning MRI, PET, and CT workflows, with its technology deployed on more than 1,300 scanners worldwide. The company is also advancing its AI Imaging Hub, a vendor-neutral platform designed to help healthcare providers manage imaging performance across multiple modalities and scanner fleets.
Morgan Stanley Expansion Capital said it sees growing demand for solutions that help healthcare providers address increasing scan volumes, capacity constraints, and aging imaging infrastructure while improving operational efficiency and patient access.
Subtle Medical recently appointed Ohad Arazi as CEO and plans to leverage the new capital and strategic partnership to accelerate global adoption of its imaging technologies across additional healthcare markets and imaging modalities.
Founded to improve the efficiency and quality of medical imaging through artificial intelligence, Subtle Medical has been recognized by TIME on its World’s Top HealthTech Companies of 2025 list and has also been named by CB Insights to its GenAI 50, Digital Health 150, and Top AI 100 lists. The company’s software is used by hospitals and imaging centers to deliver faster scans, improved image quality, and enhanced patient care while maximizing the value of existing imaging equipment.
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“Medical imaging is a critical component of healthcare delivery and is under increasing operational pressure from rising scan volumes, capacity constraints and aging infrastructure. We believe Subtle Medical’s software platform addresses a clear market need by helping providers improve utilization of existing imaging assets, support clinical quality and expand patient access.”
Kevin Han, Executive Director, Morgan Stanley Expansion Capital
“This is a meaningful moment for Subtle Medical. We have clinical validation, a growing installed base, and a platform architecture that scales across modalities – and now the capital and partnership to accelerate that globally. Morgan Stanley Expansion Capital brings a long-term perspective with broad healthcare experience that will be valuable as we expand adoption across modalities and geographies.”
Ohad Arazi, CEO, Subtle Medical
