Radiology platform startup OneImaging raises $38M in Series A financing
OneImaging, a Miami-based startup rolling out a new radiology platform, has raised $38 million in Series A financing, the company announced Tuesday.
Founded in 2022, OneImaging seeks to simplify radiology appointments for patients and providers, connecting them with a nationwide network of accredited centers. The company claims it can reduce radiology costs by up to 80%, also delivering transparent pricing and “seamless” reimbursement.
Vy Capital—a Dubai-registered investment firm with over $15 billion in assets—led the funding round, with participation from several others.
"Until now, patients had little education or perceived choice in where they received imaging,” CEO and Founder Elan Adler, MBA, said in a statement Oct. 14. “What matters most isn't getting a scan where your doctor happens to work, but getting it faster, knowing the upfront cost, and being able to trust the quality of the service. OneImaging is making the most powerful diagnostic tool in medicine accessible to everyone.”
Adler is a former MRI technologist, Cleveland Clinic outpatient radiology manager, and Siemens Healthineers MR sales executive. He founded the company after seeing his father forced to wait six weeks for an MRI, only to learn that the cancer had spread during the down time. OneImaging notes that radiology services are the second most utilized medical service after prescription drugs, with about 1 in every 2 Americans needing a scan annually.
It contends referrers are frequently coerced by hospitals to steer patients into their own imaging departments, where an MRI is priced at $2,000 or more. This despite it costing as little as 10% of that figure to deliver. Oftentimes, patients may delay or skip care due to the high price tag. OneImaging aims to address this issue by connecting patients to a network of imaging centers. Its app “seamlessly” manages tasks including scheduling, insurance approvals, pricing and the delivery of radiology results.
OneImaging claims it has grown fiftyfold in less than three years, inking partnerships with multiple Fortune 100 employers. In the last 18 months, it has integrated with some of the largest commercial health plans, helping to bring affordable imaging to 2 million individuals. Others joining the funding round included Aquiline, Sempervirens Venture Capital, and XRC Ventures. Individual investors such as billionaire co-founder of Figma Dylan Field, entrepreneur and former Coinbase chief technology officer Balaji Srinivasan, and Jon Oringer, the billionaire founder and CEO of Shutterstock, also have contributed.
“Imaging is one of the most common, and most expensive, touchpoints in healthcare,” Colin Tobias, a general partner at Bay Area-based SemperVirens, said in a social media post Tuesday. “OneImaging’s platform is bringing transparency, convenience, and lower costs to patients and payers alike. It’s been incredible to watch Elan's vision and leadership bring this to life, building a world-class team and product.”
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.