Rad AI, a startup aimed at helping radiologists streamline report generation, has secured a significant $50 million Series B funding round led by Khosla Ventures. This funding brings Rad AI’s total funding to over $80 million, with participation from World Innovation Lab and existing investors like ARTIS Ventures, OCV Partners, Kickstart Fund, and Gradient Ventures.
Founded in 2018 by Dr. Jeff Chang and serial entrepreneur Doktor Gurson, Rad AI addresses the challenge of radiologist shortages by focusing on optimizing workflow rather than replacing human expertise with AI. Understanding that radiologists spend a significant amount of time on report documentation, Rad AI developed a proprietary language model trained on radiology report datasets to automate the process of documenting findings and impressions.
Despite the widespread adoption of generative AI by tech companies following OpenAI’s ChatGPT, Rad AI claims to be an early adopter of this technology in radiology. Their products are currently utilized by about a third of U.S. health systems and nine of the ten largest radiology groups in the country.
The new funding will support Rad AI’s latest product, a standalone radiology reporting solution. With growing interest from the market, the company plans to expand its team to deploy the software effectively.
Although some competitors have attempted to integrate generative AI functionality into their radiology reporting software, Rad AI remains confident in its market dominance, boasting that almost the entire market utilizes their products. This strong position reflects Rad AI’s commitment to innovation and efficiency in the radiology field.
