RapidAI, a start-up known for the development of a portfolio of stroke imaging and assessment products has raised around $25 million. These funds will be used for their strategic growth around the world.
RapidAI’s funding round led by Lennertz and Co. Family Equity Fund
CEO Don Listwin stated that there are multiple opportunities in other technologies like AI and as a platform provider they see several opportunities to incorporate in their system.
Lennertz and Co. Family Equity Fund led the funding round. It is RapidAI’s first public round since its inception in 2012. It has around 150 employees presently and expects an increase to 175 by the end of the year. The company has raised only $2.3 million previously and has a revenue of around $25 million to $50 million each year.
AI algorithm from RapidAI successfully analyze 1 million scans for 1600 hospitals in 50 countries
Rapid AI was founded at Stanford University by Greg Albers, Roland Bammer, and Matus Straka who developed a medical image processing platform known as Rapid. It was funded by Sequoia Capital’s Don Valentine. Rapid was then installed in eight US centers and a European center for a US National Institute of Health study. Further, Albers and Bammer cofounded Rapid AI and purchased the rights to Rapid’s technology from Stanford.
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The San Francisco based company says that it’s AI algorithms have been successful in analyzing around 1 million scans for more 1600 hospitals in over 50 countries to date. The company has already received FDA clearance from Rapid LVO.
Computer vision, the future of medicine
Earlier this year, RapidAI purchased Endovantage, a provider of aneurysm management products. The Rapid platform is approved for use in many countries like Canada, Mexico, Brazil, Japan, Israel, Vietnam, Australia, and New Zealand.
Rapid AI (formerly known as iSchemaView) says that computer vision has huge potential in medicine. Similarly, companies like Zebra Medical Vision, MedyMatch are also leveraging artificial intelligence in their medical research. For instance, DeepMind has partnered with UK’s National Health Service to create an algorithm that searches for early signs of blindness.