Caption Health, an artificial intelligence (AI)-powered diagnostics and decision-making software, closed its Series B funding of $53 million.
The AI software system allows healthcare providers to perform ultrasound and obtain diagnostic-quality images, which can help support clinical decision-making and deliver valuable cost and time savings for medical institutions, according to the company.
Existing investor Data Collective (DCVC) led the financing. New investors Atlantic Bridge and cardiovascular medical device leader Edwards Lifesciences also participated, along with existing investor Khosla Ventures.
Caption Health plans to use the new funds to develop and commercialize its FDA-cleared, AI-guided ultrasound technology that expands patient access to high-quality and essential care.
In February, the U.S. Food and Drug Administration granted marketing authorization for its cardiac ultrasound software called Caption Guidance. Heart disease is the leading cause of death in the United States, accounting for around 647,000 deaths each year, according to the Centers for Disease Control and Prevention.
Charles Cadieu, CEO of Caption Health, said: “This capital will enable us to scale our collaborations with leading research institutions, regional health systems, and other providers by making ultrasound available where and when it is needed – across departments, inside and outside the hospital. As the world’s first and only AI-guided ultrasound technology, our goal is to enable all clinicians regardless of prior experience – to capture diagnostic-quality ultrasounds.”
Clinical Decision Support companies raised $545 million in 1H 2020. The funding activity was up in 1H 2020 by 90%, compared to $287 million raised in 1H 2020.
Concerto HealthAI, an AI-enabled precision oncology platform, recently raised $150 million in Series B financing. Declaration Partners led the round with participation from Maverick Ventures, AllianceBernstein PCI, and SymphonyAI Group.
Image credit: Caption Health