Funding of Companies Developing Medical Imaging AI Solutions Tops $1.2 Billion

Published: January 31, 2019

In 2018, capital investment in companies that are developing AI-enabled medical image analysis solutions was almost $580 million. This was more than double the investment into such companies in 2017.

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Following the peak of new market entrants in 2015/16, the amount of early-stage (Angel, Seed and Series A) investments has since declined. In 2018, investors appear to have shifted their focus to later-stage (series B onwards) investments, although the number of early-stage deals was still slightly higher than later-stage deals. In 2019 we expect investors will favor the more established medical imaging AI companies and early-stage funding will continue to decline.

HeartFlow is by far the most-funded company, followed by VoxelCloud and Infervision. Of the 84 companies who disclosed funding in the period 2014 to 2018, the average funding per company was $14.4 million ($9.2 million excluding HeartFlow).

In 2018, some of the largest funding rounds went to Asian companies. Excluding HeartFlow’s $240 million Series E round, Asian companies accounted for 42% of the $340 million invested in 2018. The table below shows the three most-funded companies in each region:

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Other key findings from our analysis show:

  • There are over 120 start-ups developing artificial intelligence solutions for medical imaging.
  • Since 2014, these companies have received investments of more than $1.2 billion.
  • Funding continues to rise each year, with $580 million invested in 2018.

Related Market Report

“Machine Learning in Medical Imaging – 2018 Edition” provides a data-centric and global outlook on the current and projected uptake of machine learning in medical imaging. The report blends primary data collected from in-depth interviews with healthcare professionals and technology vendors, to provide a balanced and objective view of the market.

About Signify Research

Signify Research is an independent supplier of market intelligence and consultancy to the global healthcare technology industry. Our major coverage areas are Healthcare IT, Medical Imaging and Digital Health. Our clients include technology vendors, healthcare providers and payers, management consultants and investors. Signify Research is headquartered in Cranfield, UK.

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