IDx, a Coralville, Iowa based startup raised $33 million dollars last week from notable venture capital firms: Optum Ventures, Alpha Edison, and Heritage Provider Network.
IDx is the first and only FDA-cleared autonomous AI diagnostic system in any field of medicine. The company’s first diagnostic system, IDx-DR facilitates the diagnoses of diabetic retinopathy without requiring a clinician to interpret the image or results.
IDx is run by Gary Seamans, Chairman and CEO, and Michael Abramoff, MD, PhD, President and Director. In April, SPN ran a story in which Dr. Abramoff discussed the new technological breakthroughs. “The FDA’s authorization to market IDx-DR is a historic moment that has the potential to launch a transformation in the way U.S. healthcare is delivered,” said Abramoff. Since its authorization, IDx has begun servicing clients at the University of Iowa Health System, marking it the first AI based technology to be deployed in such a manner.
Optum Ventures is the health services business of UnitedHealth Group. In 2017, the organization launched its first fund ($250 million) to help facilitate the type of healthcare service transformation promised by IDx. Alpha Edison is a $165 million venture fund that operates out of offices in Los Angeles. Heritage Provider Network is a California based health network that provides innovative care solutions via a managed care network.
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IDx intends to use the latest round to continue product development, including AI-based diagnostic systems for macular degeneration, glaucoma, Alzheimer’s disease, cardiovascular disease, and stroke risk.
