Arterys Completes Series B to accelerate product commercialization
Imaging analytics leader closes $30M round led by Temasek, along with Varian, Northwell Health Ventures, NewYork-Presbyterian, GE Ventures and several leading venture investors
SAN FRANCISCO, November 15, 2017-- Arterys Inc., a privately-held company leading the transition to cloud infrastructure and artificial intelligence in medical imaging, today announced the close of its $30M Series B financing round. The investment was led by Temasek, with strategic investors Northwell Health Ventures, NewYork-Presbyterian, Varian Medical Systems and GE Ventures, and joined by Fosun, DNA Capital, Emergent Medical Partners, and ORI Capital. Arterys plans to use the funding to expand its web-based artificial intelligence platform, and launch several products in oncology and neurology, and to accelerate the commercialization of its cardiac offering. This new round will enable more radiologists to benefit from artificial intelligence in their daily work.
Fabien Beckers, PhD, founder and CEO of Arterys, commented: "This financing includes pioneers in healthcare who recognize the game-changing value of a cloud AI platform to unlock the potential of radiology data to improve patient care. We are excited to grow our offerings and work with our clinical partners in building powerful, accessible tools for the medical imaging community to accelerate the transition to data driven medicine."
Arterys has created a novel AI platform for medical image analytics. Contrary to the current solutions that are installed inside hospitals, Arterys software is web based. As a result, physicians benefit from vast amounts of computation, which is necessary to run artificial intelligence algorithms in a timely manner. Physicians can now process their patient cases with support from AI algorithms that are embedded in their workflow. This is possible thanks to proprietary technology that protects patient information and complies with data privacy regulations in the U.S. and EU.
"We were impressed with the Arterys approach, fusing the latest cloud and artificial intelligence technologies with a true user-centric design methodology. This results in augmented workflows with increased efficiency and consistency, while the radiologist remains in charge of the final clinical decision," said Thomas Thornton, Senior Vice President of Northwell Health Ventures.
The Arterys cloud platform supports a variety of imaging modalities, such as MRI and CT. It provides a solid foundation for seamless image interpretation with artificial intelligence tools, case sharing, and automated reporting. The platform is designed to capture user edits on the results of the machine learning, so that algorithms can be improved based on real-world use. Working together, these capabilities enable the company to quickly build and commercialize new product offerings.
Arterys started with Cardiac MRI, one of the most complex and time consuming workflows, to demonstrate the power of a combined artificial intelligence and cloud computing approach. It was the first product its kind to obtain FDA clearance for use as a diagnostic support tool, and is also cleared in Canada and the EU. The software has significant benefits for patients and clinicians, reducing the time the patient needs to be in the scanner, and automating key clinical measurements for the radiologist. The platform and cardiac MRI suite have been used to help diagnose more than 15,000 patients worldwide, in many cases leading to more informed clinical diagnoses and treatment decisions.
"Arterys has demonstrated the clinical utility of cloud-based image analytics powered by deep learning. We are excited about the potential of this technology and in supporting Arterys' mission," said Rafael Torres, Senior Vice President, Business Development and Strategy at Varian.
About Arterys Inc.
Arterys was founded in 2011 to facilitate the global advancement of medicine through data, artificial intelligence and technology. Because a significant proportion of the world's medical data resides in medical images, Arterys set out to tackle several issues around the space, including the enormous workloads radiologists face, the lack of accuracy with many of today's tools, and the need for increased consistency across practices. Arterys is now focused on expanding its technology beyond cardiac MRI to continue solving some of radiology's most pressing needs. For more information, please contact us at:
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