DeepSight Technology, a MedTech startup based in the San Francisco Bay Area, has raised $25 million in Series A funding to change how diagnostic medical imaging is used by health professionals.
The funding round was led by healthcare investment firm Deerfield Management Company with participation from Wing, Alter Venture Partners, and Time BioVentures. Steven Hochberg, Partner at Deerfield, said about the firm’s participation in the round:
“DeepSight Technology provides a potential platform opportunity to enhance non-invasive and invasive medical imaging for multiple diagnostic procedures, and in turn, improve the patient care process with more efficacious testing that costs less. We are pleased to be leading this Series A financing in a novel medical device technology which has the potential to help advance a range of imaging procedures.”
Founded in 2019 by Nader Sadrzadeh, Dr. Lan Yang, Ph.D., and Anand Chandrasekher, DeepSight Technology has been developing novel ultrasound technology which offers 100 times more sensitivity than traditional ultrasound systems, a significant benefit that has allowed its solution to gain adoption at a rapid rate This is possible due to the startup’s use of its patented hardware, software, and AI patented technology, which improves penetration and clarity to provide better image quality and range. Nader Sadrzadeh, Founder and CEO, said in this regard:
“We are excited to be on the frontier of advancing medical imaging. Based on internal studies, our technology has the potential to achieve 100 times greater sensitivity, ultimately allowing us to deliver better patient care.”
According to Grand View Research, the diagnostic imaging industry in the United States was valued at $94.7 in 2020 and is expected to grow by 7.3% in the next 7 years. With ultrasound technology being one of the most important tools used by medical professionals, DeepSight Technology is expecting its technology to play a major role in the future of the medical field by improving the diagnostic process and subsequent therapeutic process.