Venture capital firms have poured nearly $5 billion into imaging artificial intelligence companies since 2015 with a marked change in deal sizes this year, according to new research.  

A few years ago, investors were more focused on small AI vendors that were in their early startup phase. But as they’ve matured, average deal size has more than tripled, from $8 million in 2020 to $28 million this year, according to Signify Research.

“Despite the COVID-19 global pandemic, most VC funding was raised in 2021, and this was largely driven by companies from China raising investments,” Sanjay Parekh, PhD, senior market analyst for the Cranfield, England-based research firm, wrote May 15. “However, surprisingly, there has been no notable funding raised from companies from Asia Pacific in 2023 to date.”

Signify Research estimates there are now more than 200 independent medical imaging AI software vendors. About 73% of the funds raised since 2015 are concentrated among the top 25 companies. All told, imaging AI vendors have raised $4.95 billion-plus during the past eight years, spread across 510 deals.

Americas-based entities have led the way, amassing $2 billion since 2015, with the Asia Pacific ($1.7 billion) and Europe, Middle East and Africa ($1.2 billion) markets close behind, Parekh wrote. Meanwhile, the top money-raising AI firms include Mountain View, California-based HeartFlow ($655 million); Shukun Technology in Beijing, China ($305 million); Cleerly, located in New York City ($279 million); San Francisco-based Viz.ai ($252 million); and Aidoc in Tel Aviv-Yafo, Israel ($238 million). The latter announced it was forming a strategic alliance with industry giant Radiology Partners in April 2021.

Read more from Signify Research’s new report below.