Digital Diagnostics, an artificial intelligence diagnostic healthcare technology company, announced this week that it has successfully closed a $75 million Series B funding round.
Global investment firm KKR led the round, with participation from new and existing investors, including Cedar Pine, Kinderhook, 8VC, Optum Ventures, OSF Ventures, Gundersen Health System, Edward – Elmhurst Health Venture Capital, and the University of Iowa.
The $75 million round brings the company’s total amount raised to more than $130 million.
Digital Diagnostics will use the funding to accelerate its product roadmap, expand its distribution footprint, and invest in sales and marketing.
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.
Ali Satvat, Partner at KKR and Stephen Weiss, Managing Director of Cedar Pine, have joined the company’s board of directors as part of the round.
“Our Series B fundraise, supported by our accelerating commercial traction, is another validation point that autonomous AI in health care is now mainstream,” said John Bertrand, co-founder and CEO of Digital Diagnostics in a release.
“This momentous milestone furthers the mission of AI in health care with many other AI companies adopting the ethical principles that Digital Diagnostics has championed to drive the industry forward into mainstream use,” said Dr. Michael D. Abramoff, founder and executive chairman of the company. “As we continue to build on the ethical principles established during the design, development, and validation of IDx-DR, we are guided by a mission to transform the quality, accessibility, equity, and affordability of health care while eliminating bias.”