Rad AI Secures $50M to Improve Generative AI Technology for Radiologists

by | May 7, 2024 | Artificial Intelligence

Rad AI has raised $50 million in a Series B funding round led by Khosla Ventures, with contributions from World Innovation Lab, as well as continued support from Artis Ventures, OCV Partners, Kickstart Fund, and Gradient Ventures. This influx of capital, pushing the company’s total funding to over $80 million, outlines the industry’s confidence in Rad AI’s innovative solutions designed to transform radiology practices worldwide. The new funding will be instrumental in accelerating the development and international deployment of Rad AI’s products, as well as in expanding the company’s team. The endorsement by such high-profile investors reflects a shared vision for the future of healthcare, where AI-driven technologies enhance the efficiency and accuracy of medical diagnostics and patient care.

The primary innovation of Rad AI lies in its capacity to alleviate the intense workload faced by radiologists through automation of the radiological report generation process. Historically, radiologists spend roughly 75% of their time dictating detailed reports based on medical imaging observations, often handling over 100 patient reports daily. With the adoption of Rad AI’s solutions, some of the largest U.S. health systems have reported a remarkable increase in operational efficiency. These include generating reports twice as fast, reducing word count by up to 90% in many instances, which contributes to decreasing radiologist fatigue and mitigating burnout risks. This streamlined process has also lead to nearly a 50% reduction in error rates for complex cases, enhancing the quality of care delivered to patients and improving the overall diagnostic accuracy.

Rad AI has used state-of-the-art machine learning and AI technologies, including the deployment of proprietary Large Language Models (LLMs) that are trained on diverse radiology datasets. These datasets, which constitute more than 80% of all healthcare data, provide an advantage to Rad AI, enabling the company to develop highly accurate and customized AI solutions. These AI models are not only adept at mimicking the individual language and style preferences of radiologists but also improve the efficiency of radiological practices. The tangible benefits provided by Rad AI’s technology are evident in its capacity to increase patient follow-up rates for actionable findings from 30% to over 85%. This capability ensures that critical conditions, such as new cancer diagnoses, are addressed swiftly and effectively, which is necessary for positive patient outcomes.

Rad AI’s growing influence and adoption across the U.S. healthcare industry are testament to its impactful solutions. The technology is now utilized by more than a third of all U.S. health systems and by nine of the ten largest U.S. radiology practices. This widespread adoption highlights the time savings and improved patient care enabled by Rad AI’s platform. The company’s commitment to reducing the administrative problems for radiologists while simultaneously enhancing patient outcomes has made it an important component of health system workflows. As Rad AI continues to expand its reach and refine its technologies, the potential for its AI-driven solutions to revolutionize healthcare practices globally is immense. The recent investment will further propel Rad AI’s mission to lead the transformation of healthcare through advanced AI, ensuring that radiologists can focus more on patient care and less on the time-consuming aspects of their work.

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