Artificial intelligence company Aidoc announced on Wednesday that it has secured $150 million in funding to support the development of a foundation model aimed at assisting physicians in making clinical decisions. The funding round was led by venture capital firms General Catalyst and Square Peg, with participation from Nvidia’s venture capital arm, NVentures, as well as health systems Hartford HealthCare, Mercy, Sutter Health, and WellSpan Health.
Foundation models are pre-trained models that have a wide range of applications. Aidoc’s CARE foundation model served as the basis for two solutions for rib fracture and aortic dissection, both of which have received FDA clearance. The company has successfully implemented these solutions at Advocate Health and Sutter Health.
When Aidoc was established in 2016, it initially focused on developing AI solutions for radiology, including the detection and triage of intracranial hemorrhages and pulmonary embolisms. Over time, the company shifted its focus towards building broader foundation models capable of detecting multiple features in medical images.
Aidoc’s CARE foundation model enables the rapid development of new indications. The company plans to migrate all of its AI models to the CARE platform, with a goal of expanding coverage to include diseases such as cancer and cardiovascular conditions. Chief Technology Officer Michael Braginsky expressed confidence in the widespread adoption of foundation models in healthcare, likening their future prevalence to that of ChatGPT in general use.
In addition to investing in the development of the CARE model, Aidoc intends to collaborate with Nvidia and Amazon Web Services on strategic initiatives. The company also plans to enhance its aiOS solution, an operating system designed to facilitate the deployment and management of multiple AI solutions within healthcare settings.
The funding round includes a $40 million revolving credit facility, bringing Aidoc’s total funding to $370 million. The company currently serves over 150 health systems, demonstrating its commitment to advancing AI-driven solutions in healthcare.
