Iowa City-based IDx, an AI-powered diagnostic company has raised $33m in series A round funding. The current round was led by 8VC with participation from Optum Ventures, Alpha Edison and Heritage Provider Network.
The company plans to use the newly raised capital to accelerate market adoption and further develop additional diagnostic systems for its AI platform.
Stefan D Abrams, vice chairman of IDx, said, “We expect this investment to accelerate the adoption of IDx-DR, a unique and much-needed solution for the 30 million people with diabetes in the U.S. alone who need to be tested for diabetic retinopathy each year.”
Founded in 2010, the company is focused on developing clinically-aligned autonomous algorithms that detect disease in medical images. IDx-DR is the first product which is developed by the company, has received an FDA clearance earlier this year. The product is intended for use by healthcare providers to automatically detect more than mild diabetic retinopathy in adults diagnosed with diabetes.
In June, the solution was initiated into clinical practice at the University of Iowa Health Care, marking the first time patients have received a medical diagnosis from an autonomous AI system in the United States. The company is currently working on implementations at several additional healthcare systems who plan to go live with IDx-DR in 2018.
Sarah London, senior principal at Optum Ventures said, “We are confident that IDx will transform health care by increasing patient access to early disease detection, which is why we look forward to helping build a bridge between IDx and the physicians and patients who would benefit from adopting this system.”
“Some of the biggest companies in the world are trying to implement AI in healthcare, but IDx is leading the way in real-world execution,” said Drew Oetting, founding partner at 8VC.
By enabling diagnostic assessment in primary care settings, IDx aims to increase patient access to high-quality, affordable disease detection. The company is further developing additional AI-based diagnostic systems for the detection of macular degeneration, glaucoma, Alzheimer’s disease, cardiovascular disease, and stroke risk. Previously the company had received $22 million from private angel investors.