Bay Labs Completes $5.5 Million Series A Financing for AI-Driven Ultrasound
Bay Labs, a medical technology company applying artificial intelligence (AI) to cardiovascular imaging, recently announced it completed $5.5 million in financing. The Series A round was led by existing investor Khosla Ventures with participation from new investors including Data Collective (DCVC), Greenbox Venture Partners, Minneapolis Heart Institute Ventures and Georges Harik. Proceeds will be used to continue clinical validation, accelerate technological development and bring Bay Labs’ products to the U.S. market. In addition, Ben Ling, general partner at Khosla Ventures, and Armen Vidian, operating partner at DCVC, will join Bay Labs’ board of directors.
Physicians today need imaging studies that provide high-quality diagnostic capabilities no matter where the patient is, from the inpatient hospital setting to the outpatient and point of care settings. Bay Labs applies AI to cardiovascular imaging to help in the diagnosis and management of heart disease. An echocardiographic exam is the gateway to cardiovascular disease diagnosis and a key to disease management and appropriate timing of intervention. The company’s deep learning technology, a type of AI algorithm, is designed to help medical professionals of all skill levels perform and interpret echocardiograms and may improve the treatment of heart diseases. Bay Labs has partnered with the Minneapolis Heart Institute and Allina Health, Northwestern Medicine, Duke University School of Medicine and cardiologists at Stanford University to develop, test and validate deep learning algorithms for echocardiography.
“Bay Labs' unique application of AI with ultrasound has the potential to enable medical professionals to provide faster and better care to patients,” said Ben Ling, general partner at Khosla Ventures. “We are excited to increase our investment in Bay Labs to revolutionize ultrasound.”
“We are impressed with the strength of the Bay Labs AI engine to bring consistently high-quality ultrasound images and key data to physicians when they need it most – at the point of care, and we are especially excited to see such early enthusiasm from some of the world’s leading physicians,” said Armen Vidian, operating partner at DCVC. “We see tremendous potential for this intelligent, data-rich technology to impact how and when physicians direct patient care to dramatically improve outcomes.”