Imaging manufacturer Philips is acquiring artificial intelligence firm DiA Imaging Analysis for nearly $100 million.
Headquartered in Israel, the acquiree specializes in AI-based ultrasound image examination, scoring its ninth U.S. FDA clearance in February for a solution that assists with cardiac image acquisition. DiA has raised some $26.6 million in funding from investors, according to Crunchbase, and inked partnerships with several other manufacturers and health systems.
“We at DiA Imaging Analysis Ltd. are excited to merge our strengths and expand our relationship with Philips, a leading global health technology company,” the AI firm said in a May 10 social media post. “Philips’ global footprint will accelerate the distribution of DiA’s technology to clinicians all over the world and our mutual capabilities to deliver superior value to our customers.”
Israeli business publication “Globes” first shared news of the acquisition May 7 after DiA’s biggest shareholder, Capital Point, alerted the Tel Aviv Stock Exchange about the deal. Philips is reportedly ponying up slightly less than $100 million, with most paid upfront while the rest is tied to various business milestones. Capital Point owns a 15% share and stands to earn $7 million following the sale. CEO Hila Goldman-Aslan first founded the firm through an Israeli business incubator in 2009. She will remain part of the team following the acquisition, according to the social media post.
“Philips joined as an investor in our most recent financing round and we have been in close contact with them for two years,” “Goldman-Aslan told Globes. “They contacted us several months ago with an acquisition offer. The company was not looking to be acquired; we had financing but we know that this is a good match.”
A spokesperson for Philips declined to comment on specifics of the deal. The Amsterdam-based imaging manufacturer previously partnered with DiA and later acquired a minority interest in 2020. Philips’ ultrasound portfolio spans diagnosis, treatment planning and guidance, software applications, and remote capabilities for tele-ultrasound operation and training, the representative noted.
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.