Rad AI, one of the fastest growing healthcare AI companies and the first to successfully commercialize a generative AI product in healthcare, announced a $60M Series C financing round, valuing the company at $525M.
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The oversubscribed round was led by Transformation Capital, with participation from existing investors Khosla Ventures, World Innovation Lab, UP2398, Kickstart Fund, OCV Partners, Cone Health and others. This raise comes seven months after their $50M Series B financing.
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Radiology is the largest specialty in healthcare, accounting for nearly 10 percent[1] of all healthcare spend in the US and more than 80 percent[2] of all healthcare data by size, with over 700 million imaging exams performed in the US each year. However, as the number of annual exams rise, radiologist burnout continues to worsen – national physician surveys[3] have found that 88.4% of radiologists are either at capacity or overworked and overextended.
With total investment of over $140M to date, Rad AI has emerged as a leader in generative AI solutions for healthcare. The company’s solutions are used by thousands of radiologists every day at health systems and radiology practices across the country that account for nearly 50% of all medical imaging done in the US. Rad AI was recently named the 19th fastest-growing company in North America by Deloitte in its Fast 500 rankings.
About Rad AI
Rad AI is the leader in generative AI solutions for radiology, transforming the way radiologists work and improving patient care. The company’s flagship product, Rad AI Reporting, streamlines radiology reporting with AI-driven technology and empowers radiologists to achieve greater efficiency, accuracy, and satisfaction. Rad AI Impressions, the company’s pioneering product, established Rad AI as an innovator in generative AI for radiology; as the first generative AI application to achieve widespread adoption in radiology, it is now trusted by thousands of US radiologists. Rad AI Continuity, the most comprehensive solution of its kind, uses AI to help ensure patient follow-up for potential new cancers.
