Teleradiology Company Nines Raises $16.5 Million In Funding

By Annie Baker ● November 27, 2019
  • Teleradiology company Nines announced that it has raised $16.5 million in funding

Nines is a company that has debuted the first-of-its-kind teleradiology practice that combines top quality radiologists and world-class engineering to deliver high-quality diagnostics and priority-driven patient care decisions. Nines was founded by CEO David Stavens and Dr. Alexander C. Kagen, MD, Site Chair of Diagnostic, Molecular and Interventional Radiology at Mount Sinai West and Mount Sinai St. Luke’s hospitals in New York City.

“We have a fundamental belief that radiology reimagined with modern data science can significantly improve the lives of patients and clinicians alike,” said Stavens. “We’re working to pioneer new approaches and innovations from clinical care, engineering, and data science. Radiologists at Nines are care providers, innovators, builders, and thought leaders. Our radiologists provide the best patient care, while also working with our engineers to build the future.”

Nines also announced that it has received $16.5 million in Series A funding from leading VC firms Accel and 8VC as well as prominent individuals like Lori Goler, former Deutsche Bank COO Kim Hammonds, Veritas founder and former CEO Mark Leslie, and several others.

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“Radiology exams are becoming ever more detailed and complex with advancements in imaging technology, which in turn increases the workload on radiologists,” added Dr. Kagen, who will serve as Chief Medical Officer for Nines in addition to his role at Mount Sinai. “Radiologists need to be at the forefront of reimagining the future of medicine. Nines is a place where radiologists are empowered to build technology that unlocks the next level of patient care.”

Nines has also collaborated with top institutions and radiologists, including the Mount Sinai Health System, to develop a service and technology that’s designed to let radiologists focus their efforts where they can make the biggest impact on patient outcomes.

“Nines is a prime example of how Mount Sinai innovators, such as Dr. Kagen, and Mount Sinai Innovation Partners, advance commercially relevant opportunities to benefit patients,” explained Erik Lium, Executive Vice President of Mount Sinai Innovation Partners, the commercialization engine of the Mount Sinai Health System. “We are pleased to partner with Nines to develop new techniques to triage critical radiology cases within our Health System and beyond.”

Nines Radiology was built on the proven track record of the world’s best radiologists who have offered state-of-the-art care at major hospital systems for decades. And Nines’ radiologists are passionate about improving patient care.

Nines Labs’ team consists of clinically-focused engineers and data scientists who have deep experience kickstarting several technology revolutions, including applied machine learning. Now the company is building products designed to give radiologists more of what they need and less of what they don’t. Plus Nines’ debut software suite is designed to aid in prioritizing the radiological review of emergent cases based on the analysis of head CT images, potentially facilitating faster diagnoses for those patients that need it most — all with the objective of allowing providers to start treatment sooner. The Emergent Neuro Suite is intended for triage of cytotoxic edema, hemorrhage, and mass effect, all of which are exceptionally time-sensitive.

“The right solution for radiologists is the one that results in the right interpretation,” commented Dr. Kagen. “We are combining technology and clinical expertise to help radiologists intelligently prioritize their ever-growing imaging worklists. Nines is designed to help radiologists adapt and build toward a near-term future where technology plays an increasingly larger role in improving patient outcomes.”

Currently, Nines is in discussions with the FDA regarding the evidence that the agency will require to support a marketing application for its Emergent Neuro Suite. But Nines’ software is limited to analysis of imaging data and is not intended to be used in place of full patient evaluation or relied upon to make or confirm a diagnosis. The Emergent Neuro Suite is an investigational device in the US, which is limited by federal law to investigational use. And it is not currently employed by the Nines teleradiology practice.

Stavens had co-founded Nines after utilizing his expertise in AI and data science to help disrupt the education and automotive industries. Previously, Stavens was co-founder and former CEO of Udacity — which democratized education with the first global, online, and lifelong learning platform. And he was also a pioneer in autonomous vehicles by co-founding Stanford University’s self-driving car team (acquired by Google as the foundation for Waymo).

Dr. Russell Stewart, MD, MBA, MS, an assistant professor of radiology, is the VP of Clinical for Nines. And Nines has also formed a prestigious advisory board of doctors from several top medical institutions, including Dr. Burton Drayer, Chair of Radiology for the Mount Sinai Health System and Professor of Diagnostic, Molecular and Interventional Radiology at the Icahn School of Medicine at Mount Sinai, and Dr. David Mendelson, Vice Chair Radiology IT for Mount Sinai Health System and Professor of Radiology for the Icahn School of Medicine at Mount Sinai.

The Nines board also includes Accel partner Steve Loughlin and 8VC founding partner Joe Lonsdale.

“The power of AI comes from applying it to defined problems. Nines combines exceptional AI and health care expertise. The Nines platform presents a true patient-first approach with the goal of improving outcomes and offering up greater efficiencies and reduced time to diagnosis,” commented Loughlin.

And the Nines Advisory Board includes:

– Dr. Burton Drayer: Chair of Radiology for the Mount Sinai Health System and Professor of Diagnostic, Molecular and Interventional Radiology at the Icahn School of Medicine at Mount Sinai
– Dr. David Mendelson: Vice Chair of Radiology, IT, for the Mount Sinai Health System and Professor of Radiology at the Icahn School of Medicine at Mount Sinai
– Dr. Sam Gambhir: Chair of Department of Radiology
– Dr. Curtis Langlotz: Professor of Radiology & Informatics
– Dr. Matthew Lungren: Assistant Professor of Radiology
– Dr. Thomas Montine: Department Chair of Department of Pathology
– Dr. Max Wintermark: Professor of Radiology (Neuroimaging and Neurointervention)

“We invested in Nines because of David and Alex. They have built the strongest AI and technical team we’ve seen in the space and combined it with deeply relevant — and impressive — medical experience,” noted Lonsdale.