The funds will be used by Digital Diagnostics to advance its product roadmap, increase the reach of its distribution network, and enhance its sales and marketing
KKR headquarters at 30 Hudson Yards. (Credit: Greaper37 from Wikipedia)
Diagnostic health care technology company Digital Diagnostics has secured a $75m Series B funding round led by the global investment firm KKR.
With this fund, the firm’s total amount has raised to more than $130m in total.
The round also saw the participation from new and existing investors, including Cedar Pine, Kinderhook, 8VC, Optum Ventures, OSF Ventures, Gundersen Health System, Edward – Elmhurst Health Venture Capital, and the University of Iowa.
The funds will be used by Digital Diagnostics to advance its product roadmap, increase the reach of its distribution network, and enhance its sales and marketing.
Under the deal, Ali Satvat, partner and global head of Health Care Strategic Growth at KKR and Stephen Weiss, managing director of Cedar Pine, have joined the firm’s board of directors.
Digital Diagnostics is laying the groundwork to become democratising health care and closing care gaps as AI diagnosis becomes the new normal.
The company’s flagship product, IDx-DR, is the first FDA De Novo authorised autonomous AI in healthcare.
It is an autonomous AI diagnostic device intended to identify diabetic retinopathy (including diabetic macular edema) at the point-of-care.
Digital Diagnostics CEO and co-founder John Bertrand said: “Our Series B fundraise, supported by our accelerating commercial traction, is another validation point that autonomous AI in health care is now mainstream.
“We are proud to have KKR, Cedar Pine, Kinderhook, 8VC, Optum Ventures, OSF Ventures, Gundersen Health System, Edward – Elmhurst Health Venture Capital, and the University of Iowa, join us in our mission to make AI-enabled diagnostic technology available at scale.
“We are focused on innovating the way providers manage patient care by creating technology rooted in equity and widespread access, while positively impacting patient outcomes through our AI solutions.”
KKR is funding Digital Diagnostics through its Health Care Strategic Growth strategy, which focuses on making investments in health companies for which KKR can be a valuable strategic partner in achieving scale.