DeepSight Technology, a diagnostic medical imaging platform, announced a $25 million Series A led by Deerfield Management Company, a healthcare investment firm, with additional funding from Wing, Alter Venture Partners, and Time BioVentures.
“DeepSight Technology provides a potential platform opportunity to enhance non-invasive and invasive medical imaging for multiple diagnostic procedures, and in turn, improve the patient care process with more efficacious testing that costs less,” said Steven Hochberg, Partner at Deerfield.
Steven Hochberg added: “We are pleased to be leading this Series A financing in a novel medical device technology which has the potential to help advance a range of imaging procedures.”
DeepSight is augmenting diagnostic medical imaging by introducing novel ultrasound technology, using hardware, software, and AI algorithms that deliver higher sensitivity than other conventional ultrasound systems, the company said. Existing ultrasound technologies are limited by sensitivity, depth penetration, and clarity. DeepSight improves ultrasound image quality and more than doubles the effective range when compared to conventional technologies, according to the company.
“We are excited to be on the frontier of advancing medical imaging,” said founder and CEO Nader Sadrzadeh. “Based on internal studies, our technology has the potential to achieve 100 times greater sensitivity, ultimately allowing us to deliver better patient care.”
The company plans to use the latest funds to advance its medical imaging technology platform and scale its business.
Medical Imaging companies raised $86 million in the first half of 2021. Recently, Aidoc, an AI-powered medical imaging company, announced a $66 million investment round, bringing its total funding to $140 million. Ultromics, an AI-enabled cardiovascular imaging solutions provider, raised $33 million in a Series B funding round. The Blue Venture Fund led the round with Optum Ventures, GV, and Oxford Sciences Innovation.