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IDx raises $33 million in Series A financing round

September 27, 2018

Coralville-based IDx has raised $33 million in a Series A financing round.

The funding round was led by 8VC with participation from Optum Ventures, Alpha Edison and Heritage Provider Network.

The company says the funding will be used to accelerate market adoption of IDx-DR, it’s AI diagnostic system.

In April, IDx-DR received approval from the FDA to detect diabetic retinopathy – and to further develop additional diagnostic systems for its AI platform.

Two months later in June, IDx-DR was initiated into clinical practice at University of Iowa Health Care, marking the first time patients have received a medical diagnosis from an autonomous AI system in the United States.

“We received numerous requests from the investment community to participate in this financing round,” said Stefan D. Abrams, vice chairman at IDx. “We carefully selected our co-investors because of the strategic value they provide to the company. We expect this investment to accelerate the adoption of IDx-DR, a unique and much-needed solution for the 30 million people with diabetes in the U.S. alone who need to be tested for diabetic retinopathy each year.”

“Some of the biggest companies in the world are trying to implement AI in healthcare, but IDx is leading the way in real-world execution,” said Drew Oetting, founding partner at 8VC in the press release. “The company leveraged Iowa’s ophthalmology expertise to develop a clinically-inspired AI – not a black box. This innovative, biomarker-based approach has separated IDx from the hype, allowing them to become the first to introduce autonomous AI-based technologies to healthcare.”

Clay & Milk has reached out IDx for more information about the investment round and will update this post with more details when we hear back.

Tags: IDx iowa Iowa City

IDx raises $33 million in Series A financing round | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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