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July 19, 2018
2 Min Read
Artificial Intelligence could be the next big market in medtech that investors flock to. Earlier this week, Viz.ai proved that this might just be the case as it raised about $21 million in a series A round. The round was led by Kleiner Perkins, with participation from GV, formerly Google Ventures.
“One of the things we’re going to use the money is to expand beyond stroke and provide value to our hospitals, partners, and customers,” Chris Mansi, co-founder and CEO of Viz.ai., told MD+DI. “The second thing we’re going to use the money for is to ensure that more hospitals get access to our software.”
Worldwide, more than six million stroke-related deaths occur every year and strokes are the number one cause of long-term disability in the nation. Outcomes are predicated on timely diagnosis and early access to neurological specialists.
The San Francisco, CA-based company received a de novo FDA clearance back in February for its Contact Application to analyze CT results that could notify providers of a potential stroke in their patients. Viz.ai changed the name of Contact Application to Viz LVO. The company also received clearance for the Viz CTP in April. The application offers providers an important tool for automated cerebral image analysis.
Mansi said AI technology is beginning to capture a lot of attention and it has the potential to serve a real need in healthcare.
“I think there is a lot of excitement in [AI],” Mansi said. “Several things have come together to enable this to be the right time for this technology. The improvements in connectivity have been significant and cloud-based computing power has gone up exponentially.”
He added, “[because of the increasing] costs in healthcare in the U.S., at some point we need to become more efficient and provide better care for less. Technology offers us a pathway to do that. That’s why investors believe [AI] has the ability to fundamentally change the way healthcare is delivered.”
There have been several notable funding rounds in AI over the past few months.
raised about $30 million in a series B to expand its bracelet-like technology into other aspects of health in women.
New York-based Prognos raised about $20.5 million in its series C round late last year. The company is using AI to predict disease and drive better decisions in healthcare.
Mountain View, CA-based AliveCor, brought in $30 million for its series D round to accelerate its innovations in heart health and to continue the rapid expansion in its business in March of 2017.
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