Aidoc invests $30M to create first-of-its-kind artificial intelligence model
Aidoc is investing $30 million to create what it says is the first artificial intelligence model of its kind, the Israel-based radiology vendor announced at RSNA 2023.
The company pointed to one estimate that about 97% of data collected by hospitals goes unused. Aidoc said it plans to create a “foundation model”—a machine learning program trained on vast amounts of information—to unlock this untapped resource on a large scale.
“This investment is not only about technological advancement; it's about reshaping the future of medical imaging,” CEO Elad Walach said in a Nov. 27 announcement. “Our imaging AI foundation model is positioned to revolutionize how millions of patients are diagnosed and treated globally.”
Walach and colleagues said the model will initially focus on addressing three key areas. These include: (1) accelerating development of robust imaging algorithms, (2) comprehensive coverage of a broad spectrum of different medical conditions, and (3) “unmatched precision” by establishing new benchmarks for accurate AI.
Aidoc noted that other text-based foundation models, such as ChatGPT, are already transforming other industries. The company sees even greater potential in medical imaging, helping to develop a new category of products that could further enhance diagnostic accuracy.
Based in Tel Aviv, Aidoc has 13 algorithms cleared by the U.S. Food and Drug Administration, with over 1,000 hospitals using its products across the globe. The company has raised some $250 million in capital and formed a strategic alliance with Radiology Partners in 2021.
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.