Led by notable names in radiology, imaging AI firm HOPPR raises nearly $32M
HOPPR, an imaging artificial intelligence startup led by some notable names in radiology, has raised nearly $32 million in new funding, the company announced Tuesday.
American investment firms Greycroft and Kivu Ventures led the Series A financing round with participation from several others. Founded in 2019 and based in Chicago, HOPPR is a “leading” infrastructure platform for building, refining and deploying large-scale AI models in medical imaging.
Its product is “purpose built” for PACS vendors and software-makers, offering access to curated data to enable the “rapid development of clinically ready AI applications.” HOPPR said it will use the funds to accelerate platform development, scale operations, expand its foundation model capabilities, and grow its team.
“Our vision is to democratize access to high-performing, trustworthy imaging AI by giving developers the tools, data, and compliant environment they need to fine-tune models safely and at scale,” radiologist, CEO and Co-founder Khan Siddiqui, MD, said in a statement June 17. “By doing so, we enable innovation that ultimately improves diagnostic workflows, supports radiologists, and enhances patient care across the globe."
Others participating in the Series A round included PSG Equity, Morningside Capital, Fortitude Ventures, and existing investor Health 2047. Unlike other AI marketplaces offering prebuilt applications, the company noted, its platform helps users build foundation models using their own images or data from HOPPR. It also offers integrated quality management systems and support for achieving FDA marketing authorization, helping to “bridge the gap between innovation and real-world deployment.”
In his more than two-decade career, Siddiqui previously served as director of imaging informatics at the University of Maryland Medical Center and physician executive at Microsoft, among other titles. He also was chief medical and strategy officer for portable MRI developer Hyperfine. In February, HOPPR announced the appointment of other key members in its C-suite. William Boonn, MD, has joined the company as chief medical officer, bringing over 20 years of leadership experience in radiology informatics and healthcare technology. A practicing cardiovascular radiologist with Penn Medicine, he founded the 3D and Advanced Imaging Lab and previously served as CMO of Rad AI.
Meanwhile, Woojin Kim, MD, is serving as chief strategy and medical information officer for HOPPR. A renowned musculoskeletal specialist and informatics experts, he has served as CMO of the American College of Radiology Data Science Institute. Kim also is a member of medical advisory boards at several healthcare tech companies and has worked as a staff radiologist at the Palo Alto VA Medical Center and CMIO for Rad AI. He is a “highly sought after speaker,” HOPPR noted, who is slated to keynote the upcoming RBMA Sync Conference.
HOPPR is a portfolio company created via an investment from the American Medical Association. In January 2024, the AMA and HOPPR announced the launch of a generative, augmented intelligence model called Grace, aimed at “dramatically” improving the way physicians interact with medical images.
"We're proud to have supported HOPPR's vision and team from Day 1,” Larry K. Cohen, PhD, CEO of Health2047, a venture studio founded by the AMA, said in Tuesday’s announcement. “Their platform enhances diagnostic accuracy and brings clinicians into direct dialogue with imaging studies—an approach that's truly first of its kind. The potential for both physicians and patients is nothing short of transformational."
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.