Subtle Medical bags $33M to advance AI-powered imaging workflow solutions
Subtle Medical has secured $33 million in growth capital to accelerate the company’s development of artificial intelligence-powered imaging solutions.
The California-based company announced the finance news on Tuesday, citing its success in developing AI-powered image enhancement software as a driving factor behind its growth. The funding round was led by investment funds managed by Morgan Stanley Expansion Capital, with additional backing from new and existing investors including Shinhan Venture Investment, Fusion Fund, EnvisionX, BRV and Samsung Ventures. The $33 million infusion increases Subtle Medical's total funding to around $86 million, which will be used to further advance the company’s vendor-neutral AI solutions globally.
Its deep learning-based software solutions—SubtleHD(MR) and SubtlePET—were designed to speed up scan times without sacrificing image quality. SubtlePET, which earned the U.S. Food and Drug Administration’s 510(k) clearance in May, is said to reduce image acquisition times by up to 75%. Both solutions have already been deployed across numerous academic medical centers, imaging networks and health systems, including Mount Sinai, RadNet, and Radiology Partners. Subtle estimates its software is in use on around 1,300 scanners globally.
The company also is working on a solution that targets contrast-enhanced MRI scans. SubtleGAD was developed to reduce the reliance on gadolinium-based contrast agents (GBCAs), which have been linked with problematic gadolinium retention in individuals who have had to undergo repetitive contrast-enhanced MRI scans. Research involving SubtleGAD so far has suggested that its use helps reduce GBCA doses by up to 90%.
"Subtle Medical solves a real operational problem for health systems: imaging backlogs that delay care and constrain capacity," Kevin Han, executive director at Morgan Stanley Expansion Capital, said in an announcement about the funding. "We are excited to support Subtle Medical's next phase of growth to help enhance the patient experience in medical imaging."
The company on Tuesday also appointed medical imaging AI veteran Ohad Arazi as its new CEO. He previously held leadership roles at Change Healthcare, Zebra Medical Vision, and Clarius Mobile Health. Subtle co-founder Enhao Gong, PhD, previously held the role and will now transition to chief scientific officer.
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In addition to her background in journalism, Hannah also has patient-facing experience in clinical settings, having spent more than 12 years working as a registered rad tech. She began covering the medical imaging industry for Innovate Healthcare in 2021.