Rad AI, a Berkeley, California-based healthcare startup focused on bringing AI to radiology, is launching with a $4 million funding round. The round was led by Gradient Ventures, Google’s venture fund dedicated to AI-related investments.
The funds are expected to go toward expanding Rad AI’s engineering team and escalating the rollout of its initial offerings. The company’s first solution was designed to automatically generate a customized “impression” section for radiology reports using machine learning.
“Radiology is facing severe pressures that range from falling reimbursements to market consolidation,” Jeffrey Chang, MD, Rad AI co-founder, said in a prepared statement. “There is also a radiologist shortage that is exacerbated by rising imaging volumes nationwide. We help radiology groups significantly increase productivity, while reducing radiologist burnout and improving report accuracy.”
“The team at Rad AI is uniquely suited to apply innovative technology to this field, with strong radiology and AI experts and firsthand knowledge of this market,” Zachary Bratun-Glennon, partner at Gradient Ventures, said in the same statement. “It's exciting to see the quantitative benefits and positive feedback from their radiology customers, and we're looking forward to the impact of their future products.”
Other investors participating in this round included UP2398, Precursor Ventures, GMO Venture Partners, Array Ventures, Hike Ventures and Fifty Years VC.