Gradient Ventures, the artificial intelligence (AI)-focused venture fund of Google, has led the $4-million seed funding round in Rad AI, the California-based startup that seeks to transform radiology with the latest advances in technology.
Rad AI, founded in 2018 by Doktor Gurson and Dr. Jeff Chang, said it uses machine learning to transform the practice of radiology. Its AI products are designed by radiologists for radiologists.
The $4-million seed round was also backed by UP2398, Precursor Ventures, GMO Venture Partners, Array Ventures, Hike Ventures, Fifty Years VC, and various angel investors.
In a statement, Chang said he established Rad AI after being troubled by high error rates, radiologist burnout, and rising imaging demand despite a worsening shortage of US radiologists.
Radiology is facing severe pressures that range from falling reimbursements to market consolidation, Chang stressed.
“We help radiology groups significantly increase productivity while reducing radiologist burnout and improving report accuracy. By working closely with radiologists, we can make a positive impact on patient care,” he added.
The startup uses machine learning to automate repetitive tasks for radiologists, giving them ample time to ensure the delivery of accurate and timely diagnosis for patients.
The first product automatically generates the impression section of radiology reports, customized specifically to the preferred language of each radiologist.
“Initial customers have shown significant reduction in radiologist burnout, error rates, and turnaround time — improving radiologists’ well-being and patient care,” the company said.
The company’s partners include Greensboro Radiology, Medford Radiology, Einstein Healthcare Network, and Bay Imaging Consultants, one of the largest private radiology groups in the United States, as well as other radiology groups that have yet to be announced.
Rad AI said it will use the seed funding to build out its engineering team and expand the rollout of its first product to more radiology groups and customers.
The lead investor, Gradient Ventures, is Google’s AI-focused venture fund that invests in and connects early-stage startups with Google’s resources, innovation, and technical leadership in AI.
