IDx files paperwork showing $12.5 million raise

Coralville-based startup IDx filed paperwork last week indicating it has raised $12.5 million in funding.

The company’s first diagnostic system, IDx-DR, is the only AI system cleared by the FDA to detect diabetic retinopathy, a leading cause of blindness, without requiring a clinician to interpret the image or results. This enables health care providers who are not normally involved in eye care to use the AI system to test for this leading cause of blindness during routine office visits.

IDx is also developing additional autonomous AI diagnostic platforms for macular degeneration, glaucoma and diseases outside the eye.

Since founding in 2010, IDx has grown rapidly. In Sept. 2018, the company raised a $33 million Series A financing round. According to Clay & Milk findings, this was the largest investment round raised by an Iowa company in all of 2018.

In Nov. 2019, IDx launch IDx-DR in CarePortMD, making it the first company to ever launch this type of AI diagnostic technology.

In addition to developing AI diagnostic platforms, the company is also exploring partnerships with other autonomous AI companies that use an ethics-based approach to AI algorithm development.

Previous coverage

IDx raises $33 million in Series A financing round -Sept. 27, 2018