Rad AI raises $60m, and other digital financings

News
Rad AI raises $60m, and other digital financings

Our latest round-up of recent financings in the digital health and artificial intelligence space includes rounds for Rad AI, Eleos, Allara Health, Manas AI, Delfina Care, and Grey Matter Neurosciences.

San Francisco-based Rad AI, which develops generative AI (GenAI) tools to improve radiology workflows, has raised $60 million in an oversubscribed Series C funding round that takes the total raised to date by the company to $140 million and comes just a few months after it closed a $50 million second round.

The new funding – which values the company at $525 million – will be used to expand its headcount across the company as it rolls out additional GenAI tools, including recently launched Rad AI Reporting, which it claims can reduce the time spent by radiologists by up to 50%. Transformation Capital led the round with participation from existing investors Cone Health, World Innovation Lab, Khosla Ventures, Kickstart Fund, UP2398, and OCV Partners.

AI-powered behavioural health company Eleos has raised its total funding to $120 million, thanks to a new $60 million third round led by Greenfield Partners, with participation from existing investors F-Prime Capital, Eight Roads, Menlo Ventures, and ION.

The Boston company – whose software is used to support behavioural health clinics in assessing patients and meeting regulatory compliance – said it would use the fresh capital to expand its range, grow its commercial team, and push into underserved segments of behavioural healthcare, like substance use disorder (SUD) treatment centres.

Allara Health has raised $26 million in a Series B financing led by Index Ventures, with participation from Google Ventures (GV), that will be used to support the rollout of its virtual care platform for women with chronic hormonal conditions like endometriosis, polycystic ovarian syndrome (PCOS), and hypothyroidism across the US.

The New York company has built a network of obstetricians, gynaecologists, endocrinologists, nurse practitioners, and dieticians to provide remote care for patients that combines medical treatment, lifestyle management, and community support.

LinkedIn co-founder Reid Hoffman and Columbia University cancer researcher Siddhartha Mukherjee have co-founded Manas AI, a start-up dedicated to applying AI to drug discovery, which has raised $24.6 million in seed funding in a round co-led by Hoffman and General Catalyst Partners, with participation from Greylock Partners.

Hoffmann said in a LinkedIn post that the company's initial focus will be "in oncology, developing treatments for aggressive cancers such as triple-negative breast cancer, prostate cancer, and lymphoma."

Another San Francisco start-up, Delfina Care, gathered $17 million in Series A funding to fuel the launch of its predictive analytics platform for maternal and infant healthcare across the US and build additional AI capabilities.

The company says the platform delivers reductions in preterm births, neonatal intensive care admissions, hypertensive disorders, and gestational diabetes, and delivers cost savings for health systems. The round was led by US Venture Partners (USVP) and included participation from new investors ARTIS Ventures, Mayo Clinic, and Tokio Marine Future Fund, as well as existing backers.

Finally, Toronto, Canada start-up Grey Matter Neurosciences has secured $14 million in seed financing that will be used to develop a transcranial-focused ultrasound headset, using technology developed at Sunnybrook Research Institute (SRI), which aims to restore brain function in individuals with Alzheimer's disease and test it in clinical trials.

The funding has been provided by the Wittington Innovation Fund, with participation from Toronto Innovation Acceleration Partners, the Ontario Brain Institute, and Ontario's Life Sciences Innovation Fund.