Investment in Medical Imaging AI Tops $5B

Published 13/05/2023

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Dr Sanjay M Parekh
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Cranfield, UK, 15th May 2023 – Venture capital investment for companies developing medical imaging AI applications has totalled almost $5 billion since 2015. Since 2021, there has been a notable shift in VC funding, from many, smaller, early-stage funding deals to fewer, larger, later-stage deals. As a result, the average deal size has more than tripled from $8 million in 2020 to almost $28 million in 2023 (to date).

Despite the COVID-19 global pandemic, most VC funding was raised in 2021, and this was largely driven by companies from China raising investments. However, surprisingly, there has been no notable funding raised from companies from Asia Pacific in 2023 to date.

Summary of the key findings:

  • There are more than 200 medical imaging AI independent software vendors (ISVs), many of which are start-ups. However, some companies have matured to scale-ups, and the top 25 companies account more than 73% of all venture capital (VC) funding raised since 2015.
  • 182 medical imaging AI ISVs have raised more than $4.95 billion in VC funding across 510 deals since 2015.
  • The average size of a funding deal for this period was $9.7 million; however, the median deal size was only $2.0 million, since 2015.
  • Companies from the Americas ($2.0 billion) have raised the most since 2015, followed by companies from Asia Pacific ($1.7 billion), and EMEA ($1.2 billion).
  • The top five most funded companies since 2015 are: HeartFlow ($655m), Shukun Technology ($305m), Cleerly ($281m), Viz.ai ($252m), and Aidoc ($238m). Infervision has raised $224m, but its Series C funding round remains undisclosed. A further 8 companies have raised at least $100m in VC funding since 2015.

This report covers:

  • The total VC funding, number of deals, and average size of deal since 2015.
  • The type of investments and distribution of funding by region since 2015.
  • The distribution of medical imaging AI companies by funding and rank.
  • Summary of vendors that have crossed the $100m threshold in terms of capital raised.
  • Summary of top five most funded companies in the Americas, EMEA, and Asia.

About Signify Research

Signify Research provides healthtech market intelligence powered by data that you can trust. We blend insights collected from in-depth interviews with technology vendors and healthcare professionals with sales data reported to us by leading vendors to provide a complete and balanced view of the market trends. Our coverage areas are Medical Imaging, Clinical Care, Digital Health, Diagnostic and Lifesciences and Healthcare IT.

Clients worldwide rely on direct access to our expert Analysts for their opinions on the latest market trends and developments. Our market analysis reports and subscriptions provide data-driven insights which business leaders use to guide strategic decisions. We also offer custom research services for clients who need information that can’t be obtained from our off-the-shelf research products or who require market intelligence tailored to their specific needs.

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