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Exclusive: RapidAI snags $75M Series C to help stroke patients

Aaron Weitzman
Illustration of a brain made out of glowing lines and nodules composed of quarters.

Illustration: Aïda Amer/Axios

RapidAI, whose platform leverages deep learning intelligence to help diagnose vascular and neurovascular conditions, raised a $75 million Series C, CEO Karim Karti tells Axios exclusively.

Why it matters: With strokes the second leading cause of death worldwide — and as hospitals remain understaffed — demand for tools that help with triage keeps growing.

How it works: RapidAI has a portfolio of diagnostics, including its Rapid NCCT Stroke – the first and only FDA-cleared medical device to detect suspected intracranial hemorrhage and large vessel occlusion from non-contrast CT imaging.

  • The technology, used by more than 2,200 hospitals, aims to help care teams make better and accelerated diagnostic decisions.
  • The company also has FDA-cleared modules to detect cerebral aneurysm management and central pulmonary embolism.
  • RapidAI's technology has been part of over 320 peer-reviewed publications and the platform has been used in more than 25 clinical trials.

What they're saying: "Before RapidAI, the way care teams communicated and aligned around a patient’s treatment was essentially a game of telephone," Karti says.

  • "We don’t provide just suspicion of the disease," he says. "We do more than triage, as we localize, characterize and help quantify as well."
  • "RapidAI’s solutions are a critical aspect of the care continuum and become ingrained in hospital systems to help create better outcomes for patients," says Vista Credit president David Flannery.
  • The business "has a compelling growth trajectory, as the company continues to execute against its strategy to expand into new geographies and additional specialties," Flannery says.
  • The company is eyeing specialties like the cardiac space, according to Karti.

Details: The round was led by Vista Credit Partners, a subsidiary of Vista Equity Partners.

  • UBS served as financial adviser for RapidAI.
  • Proceeds will help RapidAI scale and expand outside the US.
  • Karti declined to disclose financials for RapidAI. The company was valued at $225 million after its last fundraise, a $25 million Series B in 2020.

Of note: Founded in 2011, RapidAI has only raised $28 million to-date, per PitchBook.

  • "That should tell you about how we are thinking about spending money and growing," Karti says.
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