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