Radiology software firm Sirona Medical raises $40M in Series D financing
Radiology vendor Sirona Medical has raised $40 million in new capital amid growing use of its platform.
Dallas-based healthcare investment firm Avidity Partners led the Series D funding round with participation from several others. Founded in 2018, Sirona Medical offers AI-native radiology workflow software including its cloud-native platform, RadOS.
Since its public launch in 2023, the San Francisco-headquartered vendor said it has seen strong interest, with dozens of contracted customers across hundreds of sites. Sirona's platform now helps handle over 12 million primary imaging exams per year.
The vendor estimates that its revenue has grown 2.5x year over year, with average total contract value reaching more than $5 million.
"Sirona is the category-defining company in cloud-native radiology," Jacob Garfield, partner and managing director at Avidity and a board member at Sirona, said in a statement Oct. 15. "Sirona's customers are achieving above-market volume growth in their practices and delivering care at a faster clip."
Sirona said the new investments will help fund the company “indefinitely,” with the vendor achieving positive cash flow. It also is bolstering client services, opening new offices in Vermont and Ohio and launching Sirona Global by the end of 2026. The company’s new international program will seek to expand Sirona’s commercial footprint overseas, targeting markets including Europe, South Africa, New Zealand and Australia.
"As the industry confronts a radiology staffing crisis, Sirona's customers are growing capacity faster than any other defined segment of the U.S. radiology market," added Sirona CEO Ken Kaufman. "We're proud of the capacity we helped our customers build this year, and look forward to deploying RadOS to more practices, hospitals, health systems and international markets in 2027."
Others participating in the funding round included 8VC, GreatPoint Ventures, KLT Holdings, and additional new and existing investors. Sirona previously closed its $42 million Series C financing round in 2024, and acquired the assets of AI firm Nines in 2022.
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.