AI-powered diagnostics company Digital Diagnostics announced Tuesday that it has raised $75 million in a Series B funding round led by KKR.
Other participants in the capital raise include Cedar Pine, Kinderhook, 8VC, Optum Ventures, OSF Ventures, Gundersen Health System, Edward-Elmhurst Health Venture Capital and the University of Iowa.
WHAT IT DOES
The company got its start in AI-powered eye care with an IDx-DR system used to detect diabetic retinopathy, which can cause vision loss and blindness in people with diabetes. Product IDx-DR received FDA De Novo . license in 2018.
Two years later, Digital Diagnostics announced that it has acquired 3Derm . System, a company that specializes in providing telemedicine for dermatology. Digital Diagnostics currently offers two dermatology-focused tools: DermTriage, which helps providers capture and send skin images to remote dermatologists, and DermSpot, which uses AI to detect certain types. skin cancer. The second product is for investigative purposes only and has not been approved by the FDA.
Digital Diagnostics will use the cash from Series B to drive product roadmaps, expand distribution, and invest in sales and marketing.
“Digital Diagnostics’ AI technology platform is paving the way to become the standard of care in the healthcare industry. We’re focused on getting patients where they want to experience healthcare. – from primary care and value-based care teams to brick and mortar retail locations,” the company’s co-founder, president and COO Seth Rainford said in a statement.
“This new investment will help drive the company’s next phase of growth as we double the scale of our AI product offering, enabling commercial scalability to design and develop AI right.” way.”
SNAPSHOT . MARKET
Google is also exploring the use of AI for diagnostics. The tech giant is developing its own product to detect diabetic retinopathy called Automated retinopathy assessment, or ARDA. In a March update to its healthcare tools, Google said it would continue research on ARDACurrently focusing on whether pictures taken outside the eye can detect disorders.
Google is also working on an app called DermAssist intended to help users identify skin conditions.