Coralville-based AI diagnostics company Digital Diagnostics (previously IDx) filed paperwork late last month indicating it has raised just over $46 million in funding.
In April 2018, Digital Diagnostics (became the first company to ever receive FDA clearance for an AI diagnostic platform that makes a diagnosis without physician input at the point-of-care.
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.
Since its founding in 2010, Digital Diagnostics 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.
Digital Diagnostics is also developing additional autonomous AI diagnostic platforms for macular degeneration, glaucoma and diseases outside the eye. In Aug. 2020, the company purchased 3Derm Systems, a move to expand its AI technology to detect more illnesses.
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.
IDx rebrands to ‘Digital Diagnostics’, acquires AI company 3Derm Systems