Radiologist-backed imaging software firm Sirona Medical balloons fundraising total to $60M
A San Francisco-based imaging software startup backed by several prominent radiology practices recently ballooned its fundraising total to more than $60 million, leaders announced Tuesday.
Sirona Medical is creating a cloud-based radiology operating system it says can unify fragmented IT and simplify physician workflows. Practices including California Imaging Medical Associates, Hackensack Radiology Group and Triad Radiology are supporting Sirona, while GreatPoint Ventures is leading the $40 million Series B financing round.
"There is a critical need for better physician workflow solutions in healthcare, particularly in radiology—the only specialty practiced entirely through software," Cameron Andrews, founder and CEO of Sirona Medical, said Nov. 9. “The reality is that radiology IT is fatally fragmented today, and legacy software solutions were specifically designed and rigidly built for this fragmented and siloed status quo.”
Rose Park Advisors and Avidity Partners also pitched in, with additional contributions from previous investors 8VC and Global Founders Capital. Sirona said it will use the funds to accelerate product development, onboard customers and execute sales initiatives.
Sirona Medical first exited “stealth mode” in August to announce its initial $22.5 million in fundraising. It’s working with partner practices to develop and bring to market its RadOS operating system, a “fully integrated” workspace, embedded with artificial intelligence tools to help physicians focus on managing patients rather than bells and whistles. All told, the practices account for 2% of radiology reads in the U.S., or about 8.3 million annual studies across 100 facilities.
Radiologist Alan Kaye, former president of the American College of Radiology, is serving as chief medical officer, with industry veterans from Sectra, Arterys and R2 Technologies rounding out the leadership team. Experts from the Stanford University Center for AI in Medicine and Imaging, Intelerad, Mission Health and other institutions are also serving as advisors. Andrew Perlman, founding managing partner at GreatPoint Ventures, will also join Sirona’s board of directors.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.