Rad AI Secures $60M Series C Funding to Advance AI-Driven Radiology Solutions

Rad AI, a California-based generative AI radiology workflow company, has secured $60 million in an oversubscribed Series C funding round, bringing its total funding to more than $140 million and increasing its valuation to $525 million. The round was led by Transformation Capital, with participation from existing investors including Cone Health, World Innovation Lab, Khosla Ventures, Kickstart Fund, UP2398, and OCV Partners.

The company specializes in AI-powered tools designed to enhance radiologist workflows. Their flagship product, Rad AI Omni Impressions, generates report impressions based on radiologist dictations, learning and adapting to each physician's unique stylistic tone and voice. Another key offering, Rad AI Continuity, employs AI automation to identify and highlight actionable findings in radiology reports, such as potential new cancers.

Rad AI's latest innovation, Rad AI Reporting, extends the company's AI capabilities across the entire radiology reporting workflow. According to the company, this technology can reduce dictated words by up to 90 percent and save providers up to 50 percent of their time.

Doktor Gurson, cofounder and CEO at Rad AI, emphasized the company's growing influence: "Over the past few years, Rad AI has become a mission-critical part of physician and health system workflows across North America. This strategic funding round will accelerate our progress as the leading AI-driven workflow platform in healthcare."

The funding follows significant developments in Rad AI's growth trajectory. In May 2024, the company secured $50 million in Series B funding led by Khosla Ventures. Two months later, Rad AI partnered with Bayer to integrate its technology into Bayer's Calantic Digital Solution, a vendor-neutral cloud-based marketplace for AI-enabled radiology applications.

The radiology workflow space continues to evolve with major players entering the field. Notable developments include a partnership between Microsoft, Mass General Brigham, and the University of Wisconsin School of Medicine and Public Health with UW Health, focusing on research and innovation in advanced radiology-focused multimodal AI foundation models and medical imaging copilot applications.

The new funding will support Rad AI's workforce expansion across various roles as the company continues to develop its AI-driven solutions for radiology workflows.

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