November 10, 2021 — Sirona Medical, a software company founded on a deep understanding of both the practice and business of radiology, today announced $40 million in Series B financing, bringing the total capital raised to more than $60 million. The funding round was led by GreatPoint Ventures and joined by Rose Park Advisors and Avidity Partners, with additional participation from previous investors including 8VC and Global Founders Capital. The funding will be used to accelerate ongoing product development, customer onboarding, and sales initiatives.
“There is a critical need for better physician workflow solutions in healthcare, particularly in radiology — the only specialty practiced entirely through software,” said Cameron Andrews, founder and CEO of Sirona Medical. “The reality is that radiology IT is fatally fragmented today, and legacy software solutions were specifically designed and rigidly built for this fragmented and siloed status quo. After decades of battling with disjointed and cumbersome IT systems, radiologists are ready for a unified, cloud-native platform — for a simpler workflow experience that puts the physician experience first. They’re ready for software that just works. With this funding, we will be able to turbocharge the adoption of our RadOS platform into radiology practices across the nation and redouble our focus on our overarching mission: amplifying the profession of radiology through software.”
Sirona’s RadOS platform unifies existing radiology IT software applications — the worklist, viewer, reporter, and AI — onto a single cloud-native platform. The unification of these applications in the cloud represents a first principles rearchitecting of the IT infrastructure that powers medical imaging. As a result, RadOS can be deployed as an overlay to practices’ existing on-premise database systems (PACS and RIS), allowing radiology practices that service multiple hospitals and health systems to combine disparate workflows and data feeds into a single unified workflow experience. RadOS enables Sirona to leverage AI in ways not previously possible and serves as the foundation for Sirona Medical’s guiding ‘intelligence amplification’ or ‘IA’ principle — the view that AI’s purpose in radiology is to amplify the profession, not compete with it — and that how AI is built and designed for radiology needs to be reimagined before this goal can be achieved.
“For the better part of a decade, AI has promised to improve the practice of radiology but failed to do so,” said Andrew Perlman, founding managing partner at GreatPoint Ventures. “Sirona is redefining how AI should be used in radiology — amplifying the profession’s impact on healthcare by building software that elevates the intelligence of physicians and ultimately, the care patients receive.”
In addition to the financial backing, Perlman will join Sirona’s Board to help guide the company’s next phase of growth.
“We believe the radiology IT market exhibits many of the hallmarks of an industry ripe for disruption,” said Chris Calder, principal at Rose Park Advisors, the firm co-founded by Clayton Christensen, author and developer of the theories of disruptive innovation. “AI companies have been unable to move from theoretical utility towards mainstream adoption because existing vendors haven’t addressed the underlying IT architecture that is inhibiting innovation. By unifying disparate systems, Sirona has created a transformative platform that will unlock new value creation possibilities and shift the current frame of competition entirely.”
For more information: www.sironamedical.com