Digital Diagnostics scores $75M to advance AI-backed diagnostic tech

AI-enabled diagnostics firm Digital Diagnostics introduced Tuesday it had raised $75 million in a Collection B funding spherical led by KKR.

Different members within the elevate embody Cedar Pine, Kinderhook, 8VC, Optum Ventures, OSF Ventures, Gundersen Well being System, Edward-Elmhurst Well being Enterprise Capital and the College of Iowa. 

The corporate, beforehand often known as IDx, stated the Collection B brings its whole funding pot to greater than $130 million. Digital Diagnostics scooped up $33 million in Series A financing in 2018. 

WHAT IT DOES

The corporate bought its begin in AI-backed eye care with its IDx-DR system used to detect diabetic retinopathy, which may trigger imaginative and prescient loss and blindness in folks with diabetes. The IDx-DR product received FDA De Novo clearance in 2018. 

Two years later, Digital Diagnostics introduced it had acquired 3Derm Systems, an organization that specialised in offering telemedicine for dermatology. Digital Diagnostics now provides two dermatology-focused instruments: DermTriage, which helps suppliers seize and ship pores and skin photos to distant dermatologists, and DermSpot, which makes use of AI to detect some forms of pores and skin most cancers. The second product is for investigational use solely and has not but been cleared by the FDA.

Digital Diagnostics will use the money from the Collection B to advance its product roadmap, develop distribution and spend money on gross sales and advertising and marketing.

“Digital Diagnostics’ AI know-how platform is paving the trail as an ordinary of care within the healthcare business. We’re targeted on assembly sufferers the place they wish to expertise healthcare from major care and value-based care teams to retail brick and mortar places,” the corporate’s cofounder, president and COO Seth Rainford stated in a press release.

“This new funding will assist drive the corporate’s subsequent stage of progress as we double down on our AI product pipeline, permitting for business scalability for designing and creating AI the correct approach.”

MARKET SNAPSHOT

Google has additionally been exploring utilizing AI for diagnostics. The tech big is creating its personal product for detecting diabetic retinopathy referred to as Automated Retinal Disease Assessment, or ARDA. Throughout a March replace on its healthcare instruments, Google stated it’s going to continue research on ARDA, now specializing in whether or not pictures of the skin of the attention might detect problems.

Google can be working on an app referred to as DermAssist aimed toward serving to customers determine pores and skin situations.

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