The funding round was led by First Analysis, a venture capital investor, with initial equity participation from Blue Heron Capital and UnityPoint Health Ventures
US-based pulmonary imaging services company VIDA Diagnostics has secured $11m in initial close of its Series C financing to expand access to AI-powered lung imaging analysis.
The financing round was led by First Analysis, a venture capital investor, with initial equity participation from Blue Heron Capital and UnityPoint Health Ventures.
In addition, existing investors in the company, including Next Level Ventures, Chartline Capital Partners, Rural Vitality Fund, Rittenhouse Ventures, Iowa First Capital Fund, and The Angels’ Forum also participated in the round.
First Analysis managing director and general partner Tracy Marshbanks said: “Pulmonology and radiology are severely underserved areas of healthcare – the need is expanding and the number of clinicians is limited. VIDA is in an optimal position to deliver innovation and increase access.
“This investment will enable VIDA to meet the growing call for precise AI-driven lung analysis solutions that can help improve the quality of diagnosis and life for patients impacted by lung disease.”
VIDA develops AI-driven lung analysis solution LungPrint
The company said that it intends to use the funds to support the early assessment, monitoring, and treatment of lung diseases by commercialising its LungPrint solution suite and expanding clinical portfolio of LungPrint.
VIDA has developed Artificial Intelligence (AI) driven lung analysis solution LungPrint, to advance the lung care for patients at risk of lung diseases, including emphysema and airway obstructive diseases (COPD), asthma, interstitial lung disease, and lung cancer.
LungPrint is said to offer a set of precise quantitative insights to care teams using a chest CT scan, functional and other patient data as input. It would improve radiology efficiency by AI-driven automation and visualisation paradigms, and quality evaluations.
VIDA CEO Susan A Wood said: “We are driven to continuously raise the standard of care for patients with or at risk of lung disease. By equipping care teams with LungPrint, patient care and quality of life can be positively affected
“VIDA is endlessly thankful for the extensive support of the people, resources, and programs from the State of Iowa leading to this expansive funding. VIDA can now accelerate LungPrint’s market access, further connecting its benefits to the many millions of patients with lung disease.”