Rad AI, founded in 2018 by Dr. Jeff Chang and Doktor Gurson, has developed a tool that can generate reports for radiologists. The company was an early adopter of generative AI technology and its products are now used by about a third of U.S. health systems and nine of the ten largest radiology groups in the country. The new funding will be used to build a team to deploy Rad AI's latest product, a standalone radiology reporting solution. Despite other companies trying to add GenAI functionality to their radiology reporting software, Rad AI doesn't see them as true competitors yet, claiming that 99% to 100% of the market uses their products.
Key takeaways:
- Vinod Khosla, founder of Khosla Ventures, believes that AI image recognition could soon diagnose disease on scans better than human doctors, making the job of radiologists obsolete.
- Khosla Ventures has invested in Rad AI, a company that developed a tool to generate reports for radiologists, easing their workload by reducing time spent on report documentation.
- Rad AI, founded in 2018, uses proprietary LLM trained on radiology report datasets for automating doctors’ findings and impressions documentation. The company's products are used by about a third of U.S. health systems and nine of the ten largest radiology groups in the country.
- The company recently raised $50 million in a Series B funding round led by Khosla Ventures, bringing its total capital raised to over $80 million. The funds will be used to build a team to deploy Rad AI’s latest product: a standalone radiology reporting solution.