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Rad AI, a startup that helps radiologists save time generating reports, raises $50 million in Series B from Khosla Ventures

In 2017. Vinod Khosla he told CNBC that the job of «radiologist will be obsolete in five years». While the founder of Khosla Ventures later revised that term lasts as long as 15 yearshe claimed that AI image recognition could soon diagnose disease in images better than human doctors.

Seven years later, radiologists are still required to interpret most scans (even if AI software is helping them); a more immediate challenge is the lack of these doctors in United States and around the world.

While Khosla Ventures has backed several imaging startups including Vista.ai and Q He wasthe company’s latest bet is on a company that makes radiologists’ jobs easier by reducing the time spent documenting reports, rather than trying to replace the doctor with a machine.

On Tuesday, Khosla led a $50 million Series B round AI work, which developed a tool that can generate reports for radiologists. Other participants in the round included World Innovation Lab and returning investors ARTIS Ventures, OCV Partners, Kickstart Fund and Gradient Ventures (Google’s AI-focused fund). The financing brought the company’s total capital to over $80 million.

Rad AI was founded in 2018 by Dr. Jeff Chang, who completed medical training as a radiologist at age 16 and later earned an MBA from UCLA, and serial entrepreneur Doctor Gurson.

Since Chang knew from his own experience as a physician that the majority of radiologists’ time was spent documenting findings rather than analyzing images, the two decided to develop their own LLM trained in radiology report datasets to automate the documentation of physician findings and impressions.

Although generative artificial intelligence was not widely used by tech companies until OpenAI’s ChatGPT burst onto the scene in 2022, Rad AI prides itself on being an early adopter of this technology. «I’m confident that we’re the first company in radiology to start using LLMs,» Gurson, CEO of Rad AI, told TechCrunch. «We started doing that work in 2018, around the same time that open AI was creating its (first) models.»

Six years later, Rad AI products are used by about a third of U.S. health systems and nine of the nation’s 10 largest radiology groups, Gurson said.

The fresh capital will be used to build a team that will implement Rad AI’s latest product: a stand-alone radiology reporting solution.

«We have a lot of interest, but there’s only so much we can implement at once,» Gurson said, adding that Rad AI employs people who can install and maintain the software.

Some leading manufacturers have been trying to add GenAI functionality to their radiology reporting software over the past 18 months, but Rad AI doesn’t yet consider these companies to be real competitors.

«Right now, probably 99% to 100% of the market is using our products,» he said. «If that’s any indication, we haven’t lost a single customer since we started.»

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