Medical technology company Viz.ai, developer of an AI-powered stroke detection and care platform, has made a new $100 million investment at a $1.2 billion valuation. which makes it Israel’s newest unicorn (a private company valued at over $1 billion).
The company said Thursday that the Series D funding will be used to expand the Viz platform to detect and triage additional diseases and expand its customer base globally.
Viz.ai’s latest round was led by Tiger Global Management, a New York-based investment firm specializing in software and financial technology, and Insight Partners, a venture capital and private equity firm also based At New York. Tiger Global has invested in Israeli companies such as cybersecurity companies Snyk and SentinelOne as well as payment and personnel management solution companies Papaya Global and HoneyBook. Insight Partners is a very active foreign investor in Israeli companies, with at least 76 local portfolio startups to its name, including privacy startup PlainID, beekeeping tech startup Beewise, and beekeeping startup. JoyTunes music technology.
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Existing investors Google Ventures and California-based Scale Ventures, among others, have also joined Viz.ai’s latest round.
Founded in 2016, Viz.ai has developed a medical imaging platform that leverages AI algorithms and machine learning applications to accelerate the diagnosis and management of various diseases and conditions in hospitals and through the health system. The company’s primary goal was to identify large vessel occlusion (LVO) strokes through medical imaging and alert physicians to early signs so that prompt care can be administered. OVL strokes are blockages of the anterior and posterior proximal intracranial circulation that represent about 24% to 46% of acute ischemic strokes, serious conditions that require prompt care to prevent lasting brain damage and long-term disability.
The company has CE Mark and FDA De Novo classification (assigned to new medical devices with reasonable guarantees of safety and effectiveness) for its stroke care platform. Viz.ai has also developed a number of other detection technologies, including for brain aneurysms, the swelling of blood vessels in the brain that can rupture and lead to death, and for which it has obtained FDA 510 clearance. (k), pulmonary embolism and aortic disease. It is awaiting FDA clearance for its technology for detecting subdural hematoma, an accumulation of blood on the surface of the brain.
Overall, the startup says its technologies help “cure a patient every 34 seconds” through its work with hospitals, health systems and life science companies in the United States. It has also been named to a number of global innovative start-up lists, including CB Insights’ 150 “Most Promising” Digital Health Start-ups and Fast Company’s “Most Innovative” Companies of 2020.
The company, co-founded by David Golan and Chris Mansi, both CEOs, is based in San Francisco with offices in Tel Aviv and Amsterdam and employs around 350 people worldwide. It has raised $250 million from various investors.
“Viz.ai is committed to helping patients get better, faster and fairer access to lifesaving treatments,” said Mansi, who is also a career physician. “We will continue to invest heavily in cutting-edge technologies and services to integrate ourselves deeply into the clinical workflow, enabling us to automate disease detection, increase diagnosis rate and improve workflow across an entire hub-and-spoke healthcare system. »
“More patients are getting the right treatment, which translates to better patient outcomes and better cost-effectiveness for the healthcare system,” he added.
John Curtius, partner at Tiger Global, called Viz.ai a “remarkable AI healthcare company” in the United States.
“They are first-in-class for intelligent care coordination, with a strong clinical evidence base supporting the value to healthcare providers and patients. We see tremendous benefits as the company expands to help life science companies accelerate clinical trials and accelerate patient access to new treatments,” said Curtius.
Viz.ai is one of 450 Israeli digital health companies that raised roughly the same amount in the first quarter of 2021 as in all of 2020, set to end the year with record funding. Israel is home to around 480 start-ups and companies in digital health, a sector that attracted record funding in 2021 with more investment expected in 2022.
It is also one of Israel’s leading medical imaging technology companies, along with Zebra Medical (acquired in 2021 by Nanox), Aidoc and DiA Imaging Analysis.
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Israeli startup Viz.ai lands $100 million for AI technology
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