Radiologist-founded startup company Rad AI has raised $50 million in new capital, leaders announced on Tuesday.
Khoslave Ventures, Menlo Park, California, led the Series B funding round alongside fellow venture capital firm WiL (World Innovation Lab), which has offices in the U.S. and Japan. Rad AI—which offers software to help radiologists save time and alleviate burnout—said it will use the funds to expand global availability of its generative AI solutions.
Currently, about one-third of U.S. hospital systems and 9 of the 10 largest radiology practices use its products.
"Rad AI has become a mission-critical part of health system workflows over the past five years,” co-founder and CEO Doktor Gurson said May 7. “This strategic funding round further cements our position as the leading AI-driven workflow platform in healthcare."
The investment balloons Rad AI’s fundraising total to over $80 million. Other backers include Artis Ventures, OCV Partners, the Kickstart Fund and Gradient Ventures (Google’s AI-focused fund). Jeff Chang, MD, MBA—who started med school at 16 and calls himself the “youngest U.S. radiologist in history”—co-founded the company in 2018.
Its solutions include Rad AI Reporting, which the company claims can reduce dictation times by up to 50%. Chang and colleagues estimate that radiologists spend about 75% of their time dictating, with many creating reports on 100-plus patients in a single day.
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.