Medical technology company Viz.ai, developer of an AI-powered stroke detection and care platform, has made a new $100 million investment at a $1.2 billion valuation, making it Israel’s newest unicorn (a private company valued at over $1 billion).
The company said Thursday that the Series D funding will be used to expand the Viz platform to detect and triage additional diseases and expand its customer base globally.
Viz.ai’s latest round was led by Tiger Global Management, a New York-based investment firm specializing in software and financial technology, and Insight Partners, a venture capital and private equity firm also based At New York. Tiger Global has invested in Israeli companies such as cybersecurity companies Snyk and SentinelOne as well as payroll technology companies Papaya Global and HoneyBook. Insight Partners is a very active foreign investor in Israeli companies, with at least 76 local portfolio startups to its name, including privacy startup PlainID, beekeeping tech startup Beewise, and music tech startup JoyTunes.
Existing investors Google Ventures and California-based Scale Ventures also joined Viz.ai’s latest round.
Founded in 2016, Viz.ai has developed a medical imaging platform that leverages AI algorithms and machine learning applications to accelerate the diagnosis and management of various diseases and conditions in hospitals and health systems. The company’s primary goal was to identify large vessel occlusion (LVO) strokes in medical imaging and alert physicians to early signs so that prompt care can be administered. LVO strokes are blockages of the proximal intracranial anterior and posterior circulation who counts for about 24% to 46% of acute ischemic strokes, serious conditions that require prompt care to prevent lasting brain damage and long-term disability.
The company has CE Mark and FDA De Novo classification (assigned to new medical devices with reasonable guarantees of safety and effectiveness) for its stroke care platform. Viz.ai has also developed a number of other detection technologies, including for brain aneurysms, the swelling of blood vessels in the brain that can rupture and lead to death, and for which it has obtained FDA 510 clearance. (k), pulmonary embolism and aortic disease. . It is awaiting FDA clearance for its technology to detect subdural hematoma, an accumulation of blood on the surface of the brain.
Overall, the startup says its technologies help “cure a patient every 34 seconds” through its work with hospitals, health systems, and life science companies in the United States. It has also been named to a number of global innovative startup lists, including CB Insights’ 150 “Most Promising” Digital Health Startups and Fast Company’s “Most Innovative” Companies of 2020.
The company, co-founded by David Golan, CEO, and Chris Mansi, CEO, is based in San Francisco with offices in Tel Aviv and Amsterdam with approximately 350 employees worldwide. It has raised $250 million from investors, including the latest round.
“Viz.ai is committed to helping patients get better, faster and fairer access to life-saving treatments,” said Mansi, who is also a doctor by profession. “We will continue to invest heavily in cutting-edge technologies and services to integrate ourselves deeply into the clinical workflow, which will allow us to automate disease detection, increase diagnosis rate and improve the workflow across an entire hub-and-spoke healthcare system.”
“More patients are getting the right treatment, which translates to better patient outcomes and better financial efficiency for the healthcare system,” he added.
John Curtius, partner at Tiger Global, said Viz.ai was a “remarkable AI healthcare company” in the United States.
“They are first-in-class for intelligent care coordination, with a strong clinical evidence base supporting the value to healthcare providers and patients. We see tremendous benefits as the company expands to help life science companies accelerate clinical trials and accelerate patient access to effective new treatments,” said Curtius.
Viz.ai is one of more than 450 Israeli digital health companies that raised roughly the same amount in the first quarter of 2021 as they did in all of 2020, and were expected to end the year with record funding. Israel is home to around 480 startups and companies in digital health, a sector that attracted record funding in 2021 with more investment expected in 2022.
It is also one of Israel’s leading medical imaging technology companies, including Zebra Medical (acquired in 2021 by Nanox), Aidoc and DiA Imaging Analysis.