Brisbane, California-based Caption Health, maker of artificial intelligence-assisted ultrasound guidance software, has tied up a $53 million Series B funding round. Prior backer DCVC headed the raise. Atlantic Bridge and Edwards Lifesciences joined the round as new investors, while Khosla Ventures added onto its previous stake.
WHAT It DOES
The company's Caption AI software platform consists of two components, Caption Guidance and Caption Interpretation.
The first uses AI to guide medical professionals though cardiac imaging that would normally be conducted by an ultrasound expert. The tool determines which are the highest quality images collected during a scanning session and automatically records them.
The second component uses these images to calculate the ejection fraction – although the final assessment and diagnosis is still conducted by the cardiologist.
The FDA gave Caption Health's tool De Novo clearance back in February, based on a review of data from two independent studies of the software. According to Caption Health, the platform is now available for, and fully integrated with, the Terason uSmart 3200T Plus portable ultrasound system, and is in use at 11 U.S. medical centers.
WHAT IT'S FOR
Charles Cadieu, CEO of Caption Health, said in a statement that the company's new funds "will enable us to scale our collaborations with leading research institutions, regional health systems and other providers by making ultrasound available where and when it is needed – across departments inside and outside the hospital.
"As the world's first and only AI-guided ultrasound technology, our goal is to enable all clinicians – regardless of prior experience – to capture diagnostic-quality ultrasounds. In doing so, we aim to have a profound impact on the quality and cost of care for millions of patients around the globe – wherever they access care," he said.
MARKET SNAPSHOT
A handful of products are looking to revamp the delivery of ultrasound screening, either through more convenient devices or assistive software. Butterfly IQ is well known for its smartphone-connected ultrasound product, and in late 2019 complemented the device with a broader workflow platform. Around the same time, Clarius Mobile Health launched a revised version of its wireless, portable ultrasound scanners, while another startup called Exo raised $35 million for its own handheld ultrasound,
ON THE RECORD
"Caption Health is working towards a future where looking inside the body becomes as routine as a blood pressure cuff measurement. Simplifying ultrasound is critical to providing fast, effective care," Armen Vidian, partner at DCVC, said in a statement. "By making ultrasound accessible to non-specialists with AI-guided, FDA-cleared products, Caption AI brings the benefits of medical imaging to more caregivers in more settings."
