VoxelCloud Raises $15M Series A+ Led by Tencent to Expand Its AI Medical Products Beyond Hospitals
LOS ANGELES, October 3, 2017 (Newswire.com) - VoxelCloud, a medical artificial intelligence startup, has closed $15 million in Series A+ funding led by Tencent, the Chinese internet giant. Its existing investors include Sequoia and Newmargin.
VoxelCloud plans to use the fund to expand its AI-assisted medical solutions beyond hospitals, as well as to promote innovations in medical AI technology.
Our vision is to provide 'accessible diagnosis'. We believe AI has enabled us to provide more accessible, accurate and personalized medical solutions for doctors and patients. So other than developing products to assist existing clinical examinations, we are also developing products that can go beyond hospitals and benefit more patients.
Dr. Xiaowei Ding, CEO and Founder of VoxelCloud
According to VoxelCloud CEO and co-founder, Dr. Xiaowei Ding, VoxelCloud has developed products that bring AI to healthcare for improved clinical workflow. Diseases covered include coronary heart disease, lung cancer and retinal diseases.
"Those products have been applied by over 50 hospitals and have helped doctors in diagnosing over 50,000 patients with chest diseases, over 50,000 patients with heart disease patients and over 100,000 patients with retinal diseases," said Dr. Ding.
The investor, Tencent, one of the highest-valued tech companies in Asia, has doubled down its efforts on AI in medicine recently. Other than developing its AI lab, it has also released its own AI-assisted medical product this August for the early screening of esophageal cancer. With the strategic partnership with Tencent, VoxelCloud believes the company could benefit from Tencent’s established AI resources.
"We have long believed the potential of AI in medicine. We are pleased to corporate with innovative startups like VoxelCloud to drive the next wave of AI in medicine," said Phil Mu, the investor from Tencent said.
VoxelCloud's CT Image Analysis product line has obtained FDA and CE approval for clinical uses. In China, VoxelCloud has also submitted five products for CFDA approval, and some of the products are expected to be cleared by the end of this year, Dr. Ding said.
As for the future, Dr. Ding believes AI in medicine should go beyond hospitals and be applied in various medical scenarios.
"Our vision is to provide 'accessible diagnosis'. We believe AI has enabled us to provide more accessible, accurate and personalized medical solutions for doctors and patients. So other than developing products to assist existing clinical examinations, we are also developing products that can go beyond hospitals and benefit more patients," said Dr. Ding.
Earlier in this May, VoxelCloud closed its $8M A series from Sequoia Capital.
Founded in early 2016, VoxelCloud focuses on next-generation medical artificial intelligence and cloud computing. With offices in LA, Shanghai and Suzhou, VoxelCloud offers automated medical image analysis algorithms and end-to-end solutions that help doctors make clinical decisions in a more accurate, accessible and efficient way. Currently, the solutions have covered lung cancer, retinal diseases, and coronary heart disease. For more information about VoxelCloud visiting www.voxelcloud.io.