Cloud-based AI-powered medical imaging platform Arterys raised $28 million in Series C funding round. At the same time, the company received FDA clearance for its seventh AI imaging product.
The new funds will help to broaden the company’s software ecosystem to deliver clinical applications built on its cloud-native viewer and platform.
Temasek Holdings and Benslie Investment Group led the financing round with participation from Fosun, Revelation Partners, Emergent Medical Partners, and Varian Medical Systems.
“The current crisis has shown us the necessity of a different approach to providing healthcare, where technology and AI are crucial for future success. Arterys is committed to transforming the way AI is integrated into the medical workflow, a promise that is long due in the industry. We recently launched our cloud platform and marketplace that will consolidate the work of thousands of AI models to be readily available for use by healthcare institutions around the globe,” said Henry Weinstein, Managing Partner at Benslie International.
According to the company, Arterys software allows the clinician to interact with the data and generates quantitative clinical analysis to assess cardiovascular disease patients. The software helps to evaluate patients with structural heart disease, congenital heart disease, carotid/neurovascular, and renal vascular disease. It also supports physicians in their daily diagnostics.
Arterys, founded in 2016, has raised over $70 million to date, including a $12 million Series A round in 2016, led by GE Ventures, the Stanford-StartX Fund, and Norwich Ventures and a $30 million Series B financing round in 2017, led by Temasek.
Medical imaging companies raised $80 million in Q1 2020, according to Mercom Q1 2020 Funding and M&A Report. Recently, Braid Health, an AI-powered diagnostic imaging platform, raised $9 million led by Lux Capital, a healthcare-focused venture capital firm. Since 2013, the firm has invested over $350 million in over 20 digital health companies, including Vesta Healthcare, Pager, and Rivet Health.
Image Credit: Arterys