Imaging artificial intelligence vendor Elucid raises $55M
Imaging artificial intelligence vendor Elucid has raised $55 million in new funding, the company announced Wednesday.
The Boston-based AI firm touted the “oversubscribed” Series D funding round, which included new participation from an unnamed, publicly traded large medical technology firm. To date, Elucid has now raised over $185 million, with the latest contributions expected to fuel expansion of its clinical platform.
Founded in 2013, Elucid develops AI software that helps physicians analyze cardiac CT scans to look for hidden signs of cardiovascular disease. It competes with others offering similar heart imaging services including Cleerly and Heartflow.
“…Elucid is applying AI to integrate anatomy, biology and physiology to bring personalized treatment to coronary artery disease management,” CEO Kelly Huang, PhD, said in a statement Sept. 2.
Following the funding round, Elucid said it now has four large, publicly traded strategic investors. Others participating included AG Capital Partners and Elevage Medical Technologies, a platform created by Patient Square Capital. Elucid said the investments will support its continued product development, including FFR-CT, which the U.S. Food and Drug Administration is currently reviewing for clearance. The company also plans to continue advancing research, development and clinical studies.
“By converting routine CT angiography into detailed, quantitative insights based on plaque biology, vessel anatomy, and [fractional flow reserve] physiology, Elucid's technology is designed to help clinicians better stratify at-risk patients and personalize treatment strategies for atherosclerotic cardiovascular disease—the leading cause of death worldwide,” the company said in its announcement.
Elucid previously completed an $80 million, Series C funding round in 2023. The company and its competitors have seen growing momentum in recent years, with radiology benefits manager EviCore last year recommending that insurers cover these AI tools for assessing coronary computed tomography angiography scans. Medicare also approved payment for such services under the physician fee schedule last year, with insurers such as Aetna, Cigna and UnitedHealthcare following suit.
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.