Medical imaging AI funding: where is the money going?

All funding deals in the medical imaging AI market over the last 24 months

Below is the table listing all the deals. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our medical imaging AI market report.

Is medical imaging AI funding actually dropping right now?

Medical imaging AI startups are raising less money, and fewer of them are getting funded at all.

We tracked 49 deals and at least $764M in the last 12 months, against 64 deals and at least $1.2B in the 12 months before. Funding fell 39%, and deal volume fell 23%. Just 46 companies raised money in the latest period, down from 61. So funding is reaching fewer businesses, not merely getting split into smaller checks.

Hospitals still need clinical AI, of course. That demand is real, but it does not guarantee rising venture funding. Sirona Medical said in its October 2026 Series D+ announcement that contracted radiology exams on its platform exceeded 12 million annually. Subtle Medical's June 2026 financing targeted shorter MRI, PET and CT workflows without replacing scanners. They show customers are using the products, even while fundraising slows.

Are investors pulling back from medical imaging AI?

Yes, fewer investors are backing medical imaging AI startups, and fewer are leading their rounds.

We identified 74 unique investors over the last 12 months, compared with 109 in the 12 months before. The number of unique lead investors fell from 71 to 48, while the share of deals with disclosed leads declined from 78% to 73%. So the drop is not just a matter of fewer announcements naming a lead.

Some major investors are still writing big checks. Growth Equity at Goldman Sachs Alternatives, Lazard Elaia Capital and Elevage Medical Technologies each led a large financing. That shows serious backers still participate, even though fewer funds are leading the smaller deals.

Is medical imaging AI funding down even without huge rounds?

Yes, medical imaging AI funding is down even after we remove the largest rounds.

Capital excluding rounds above $50M fell to at least $459M from at least $731M, a decline of 37%. Removing rounds above $100M still leaves at least $614M against at least $915M, down 33%. So the slowdown reaches ordinary financings too.

The previous period also had Harrison.ai's $112M Series C in February 2025, Cleerly's $106M Series C in December 2024 and Aidoc's $110M Series D+ in July 2025. Big rounds happened in the earlier period too, yet the rest of the market still had more funding.

Are typical medical imaging AI funding rounds getting smaller?

The typical medical imaging AI round is getting smaller, despite several enormous deals.

The median disclosed round fell to $7.5M in the last 12 months, from $9.1M in the 12 months before. The median measures the middle disclosed round, so a handful of giant financings cannot push it around as easily as the total. Mid-sized checks have become harder to secure. Among disclosed deals, rounds under $5M rose from 29% to 43% of the count, while the $5M to under $20M bracket fell from 40% to 32%.

For a startup trying to hire a sales team and test its product in hospitals, a smaller check means fewer options. A smaller financing does not automatically mean weaker technology, but it can narrow the scope of a commercial rollout. Compare Subtle Medical's June 2026 investment in MRI efficiency with CARPL.ai's July 2026 plan to help hospitals integrate radiology algorithms: both involve work beyond training a model.

Why doesn't Laza Medical's $160M Series B count in medical imaging AI totals?

Laza Medical's November 2026 Series B counts as a medical imaging AI deal, but not in disclosed capital, because the $160M is a ceiling rather than an amount paid in.

GE HealthCare led the financing for Laza's intelligent imaging system for catheterization laboratories, which combines robotic and AI capabilities intended to simplify cardiac procedures. The company described the Series B as structured financing of up to $160M. Money committed in stages or against milestones may never reach that ceiling, and Laza has not said how much was committed at closing. We therefore record the round with an undisclosed amount.

That choice changes the ranking of deals. Counted at its ceiling, Laza's round would have been the largest of the last 12 months. Without it, Aidoc's $150M in April 2026 leads. In the same part of the market, UltraSight's $24M Series B in September 2026 targeted AI-guided cardiac ultrasound, and Vista AI's $30M Series B in January 2026 targeted automated MRI scanning.

Investors are funding technologies that can make imaging quicker and easier to perform, but a headline ceiling is not the same as money received.

Can Aidoc still raise big money for medical imaging AI?

Yes, Aidoc is still raising big money for imaging AI that hospitals use to spot urgent findings.

Aidoc raised $150M in a Series D+ round in April 2026, the largest round of the last 12 months, led by Growth Equity at Goldman Sachs Alternatives. It had also completed a $110M Series D+ in July 2025. The April 2026 company and investor announcement describes plans to expand a clinical foundation model and enterprise platform, rather than merely release another single-finding radiology algorithm.

Aidoc's software searches scans for urgent findings. Hospitals also need it to alert the right clinician quickly and without disrupting care. CARPL.ai's July 2026 financing addresses a related problem from a different direction: hospitals need a way to choose, deploy and monitor many AI products. The investors are also backing software that radiologists use to view scans and report findings.

Can brand-new medical imaging AI startups still raise money?

Yes, new medical imaging AI startups can still get a first check, but the money is limited.

We identified 13 first financings in the last 12 months, compared with 14 in the 12 months before. They represented 27% of deals in the latest period and attracted at least $71M, or 9% of disclosed capital. We call a round a first financing only when the source says so, and 11 recent deals have no known status, so the true count may be higher. The count has held up better than total deal activity, but these are typically small starting checks rather than proof of a scalable clinical business.

Cancilico's $2.8M Seed in January 2026 supported AI bone-marrow image analysis. TileBio's ~$2.1M Seed in March 2026 backed tissue-image foundation models, while Uncovr's $7M Seed in June 2026 targeted surgical video documentation. Those products attack distinct parts of care, which helps explain why investors are still willing to test new approaches.

Are investors mostly backing medical imaging AI startups they already know?

Yes, medical imaging AI investors now put most disclosed funding into companies that have raised before.

The last 12 months included 25 follow-on deals raising at least $538M, equal to 70% of disclosed capital. The preceding 12 months had 36 follow-on deals raising at least $983M, or 79%. A round counts as a follow-on only when an earlier equity round is in our data, so these are minimums. Existing financed companies still receive the great majority of the money; however, their aggregate funding has contracted too.

The larger follow-on checks go to companies with ambitious deployment plans. Elucid's $55M Series D+ in September 2026 was intended to expand commercialization of AI-derived cardiovascular CT analysis. Incepto Medical's $16M Growth Equity round that month targeted deployment, monitoring and reporting functions. Sirona Medical's $40M Series D+ in October 2026 supported implementation capacity and its radiology platform.

Has Series A become harder for medical imaging AI startups?

Yes, medical imaging AI startups are finding Series A much harder to reach than before.

Series A fell to 7 deals and $93M in the last 12 months, from 16 deals and at least $288M in the 12 months before. Seed financings fell less sharply by count, while investors still supported established companies at Series D+ and Growth Equity. The hard part now appears to be getting from a first check to a full rollout.

CARPL.ai's $10M Series A in July 2026 was led by the International Finance Corporation and supports distribution and oversight of radiology AI tools. Hypervision Surgical's ~$23M Series A in April 2026 was backed by Heal Capital for real-time hyperspectral surgical imaging. Both have concrete clinical deployment problems to solve, not simply a model accuracy benchmark.

Are older medical imaging AI startups getting the biggest checks?

Yes, older medical imaging AI companies are receiving most of the disclosed money.

Among deals with a named stage, later-stage funding represented 43% of deals over the last 12 months, compared with 31% previously. Its share of disclosed money among named-stage deals rose to 79% from 69%.

Large later-stage checks now support quite different businesses, from clinical triage software to cardiovascular analysis and dental imaging. Each still needs enough customers and clinical capacity to grow.

The overall median company age remained 6 years, but the median age of companies raising above $50M climbed to 12 years from 7.5 years in the preceding period. Investors are placing their biggest bets on older businesses, while the Series A step has become harder.

The table below shows funding by stage in the last 12 months.

Stage	Deals	Capital
Series D+	5	$294M
Growth Equity	3	$127M
Series A	7	$93M
Series C	5	$91M
Series B	5	$69M+
Seed	17	$58M+
Unknown	7	$30M

Where is medical imaging AI funding actually going?

The most money now goes to medical imaging AI that measures disease or interprets scans, and diagnostic AI still gets the most deals.

Quantification and measurement raised $181M across 6 deals in the last 12 months, and detection and diagnostic AI raised at least $176M across 23 deals. Triage and prioritization followed with $161M across only 3 deals. The most active field does not get the largest checks.

A few large rounds explain the top of the table. DentalMonitoring's $100M Growth Equity round in February 2026 and Elucid's $55M Series D+ in September 2026 make up most of the measurement total, while Aidoc's $150M in April 2026 accounts for almost all of triage. In contrast, detection funding spans eye screening, oncology, mammography and pathology, each with different clinical buyers and validation requirements.

Acquisition and quality optimization raised at least $54M across 3 deals, against $23M across 3 deals in the 12 months before. UltraSight's $24M Series B in September 2026 backs guided ultrasound acquisition, and Vista AI's $30M Series B in January 2026 tackles MRI scanner operations. The total is a minimum because Laza Medical's Series B has no committed amount.

Measurement and triage tools are winning large checks, while interpretation software still brings in many smaller rounds.

The table below shows category capital and deal volume in the last 12 months.

Category	Deals	Capital	Capital share
Quantification & Measurement	6	$181M	24%
Detection & Diagnostic AI	23	$176M+	23%
Triage & Prioritization	3	$161M	21%
Imaging Workflow & Reporting	7	$83M	11%
Image Reconstruction & Enhancement	2	$55M	7%
Acquisition & Quality Optimization	3	$54M+	7%
Segmentation & Procedure Planning	3	$38M	5%
Digital Pathology AI	2	$16M	2%

Does diagnostic AI still get the most imaging investment?

Diagnostic AI still attracts the most medical imaging deals, but other applications now receive the biggest checks.

The category accounted for 47% of deals in the last 12 months, compared with 42% in the 12 months before. Yet it took 23% of disclosed money, down from 41%. Its disclosed total declined to at least $176M from at least $512M. That is a strong example of investor activity and investor spending moving in different directions.

ScreenPoint Medical's $14M Series C in April 2026 targets AI-supported mammography, Eyenuk's $5.6M Series A in June 2026 targets eye screening, and Optain's $7.5M Series A in September 2026 targets retinal diagnostics. Investors continue backing specialized image interpretation, but the category is not receiving the largest checks as consistently.

Can radiology workflow AI companies still raise money?

Yes, radiology workflow AI startups still raise money, although both deals and disclosed capital have fallen.

Imaging workflow and reporting companies raised $83M across 7 deals in the last 12 months, against at least $245M across 11 deals in the 12 months before. The category's share of disclosed capital fell from 20% to 11%. Investors have not abandoned workflow products, but the dollars attached to them have become smaller.

Sirona Medical's $40M Series D+ in October 2026 backs a software platform used in radiology departments. It reported growing usage and contracts covering millions of imaging exams. CARPL.ai's $10M Series A in July 2026 tackles integration and oversight of third-party algorithms, while Incepto Medical's $16M Growth Equity round in September 2026 backs AI distribution and clinical monitoring.

Radiology departments need scans, reports and AI tools to work together every day. The remaining investors are still interested in that day-to-day work.

Is digital pathology AI starting to attract serious funding?

Digital pathology AI is receiving new funding, but the current deal count is too small to claim a boom.

We found 2 digital pathology AI deals raising $16M in the last 12 months. Pathology-related deals were part of broader detection and workflow categories in the previous period, so the figures are not directly comparable.

Techcyte's $15M round of undisclosed stage in April 2026 supports AI microscopy and pathology diagnostics, while Octopath AI's ~$1.3M Seed in November 2026 targets microscopic cancer-image analysis. Elsewhere in medical imaging AI, ScreenPoint Medical and Waiv are also working on cancer-related image analysis, but those deals are assigned to detection and diagnostic AI rather than the dedicated pathology category.

Does the U.S. still get the most medical imaging AI funding?

Yes, U.S. medical imaging AI startups still raise more disclosed funding than startups in any other country.

The United States recorded 17 deals involving 16 companies and at least $247M, or 32% of disclosed capital. The previous 12 months recorded 18 U.S. deals and at least $502M. Even while the American total shrank, it remained the strongest national funding market by the capital visible in our count, ahead of Israel ($174M) and France ($170M).

Elucid's $55M Series D+ in September 2026 funded cardiovascular CT analysis, while Overjet's $25M Series C in December 2025 backed AI for dental radiographs. American checks cover a wide range of clinical problems.

A company's headquarters determines its region in our figures; its customers may be elsewhere.

Is Europe funding more medical imaging AI startups than North America?

Yes, Europe has more medical imaging AI deals than North America, while the two regions raised almost the same disclosed capital.

In the last 12 months, Europe had 23 deals involving 21 companies and at least $250M. North America had 19 deals involving 18 companies and at least $254M. Europe accounted for 47% of deals, versus 39% for North America, while the two regions are almost level on capital.

France illustrates Europe's mix: DentalMonitoring raised $100M in Growth Equity in February 2026, Waiv raised $33M in a Series A in March 2026, and Incepto Medical raised $16M in Growth Equity in September 2026. The United Kingdom contributed specialized applications including Hypervision Surgical's ~$23M Series A in April 2026 and XRlabs' $8.4M Seed in October 2026.

Europe has more companies getting checks, while capital is now almost level between the two regions.

Is medical imaging AI funding drying up in Asia-Pacific?

Medical imaging AI funding in Asia-Pacific has slowed sharply, with fewer deals and less disclosed capital.

We tracked 5 Asia-Pacific deals and $86M in the last 12 months, compared with 12 deals and at least $261M in the 12 months before. Its share of transactions fell from 19% to 10%. A reduction in deal flow as well as disclosed money makes the regional cooling difficult to dismiss.

The earlier period included Harrison.ai's $112M Series C in February 2025, financing U.S. expansion from an Australian base. The recent period includes Omniscient Neurotechnology's $27M Series D+ in May 2026 for AI-derived brain maps and South Korea's AIRS Medical developing MRI reconstruction tools. The region still produces useful imaging technology, but its fundraising has slowed.

Are the same investors repeatedly backing imaging AI companies?

Rarely, very few medical imaging AI lead investors backed multiple rounds in the latest period.

Only 1 identified lead investor led multiple deals in the last 12 months, compared with 3 lead investors in the 12 months before. Twin Path Ventures was the most active disclosed lead in the latest period, with 2 rounds led and a combined round size of $3.4M. The corresponding leader in the previous period was Insight Partners, with 3 rounds and $182M in combined financing size; those figures represent total round sizes, not the investors' individual checks.

Look at who led the rounds. Goldman Sachs Alternatives, Lazard Elaia Capital and Avidity Partners each appeared as a lead on a major imaging deal. Yet very few leads recur within the observed period.

Do medical imaging AI startups need longer between rounds now?

Yes, medical imaging AI startups are taking longer between the funding rounds we can track.

For the last 12 months, the median time between known rounds was 24 months, compared with 21 months in the 12 months before. This measure covers 61% of eligible round gaps in the latest period and 56% previously; it does not describe all startups. The share of observed gaps shorter than 18 months fell from 47% to 33%.

There are exceptional companies that raise rapidly. Aidoc raised again after its $110M Series D+ in July 2025, supported by major investors. Rad AI also announced a $60M Series C in January 2025 after a financing the preceding year. Neither example proves that the average company now has quicker access to capital.

So, what does medical imaging AI funding look like right now?

Medical imaging AI funding is clearly cooling: fewer startups get checks, smaller rounds are common, and a few big winners still attract money.

The last 12 months delivered 49 deals and at least $764M, led by Aidoc's $150M round in April 2026. The volume, company count, median and outlier-adjusted capital all weakened against the 12 months before. The drop extends beyond the headline total.

Investors are choosing which clinical imaging products to support much more carefully. Investors financed systems that improve ultrasound acquisition, MRI productivity, cardiovascular measurement and the software linking radiology teams to AI. At the same time, the Series A market narrowed and repeat funding took longer. Strong clinical applications can coexist with a difficult funding market.

The table below shows what we found.

Question	Answer
Is the medical imaging AI funding slump just noise?	No, medical imaging AI fundraising declined across several independent measures. Deal volume fell 23% between the consecutive comparison periods. Fewer transactions make the slowdown harder to dismiss as noise.
Did money disappear only from gigantic financings?	No, funding fell even after removing the very biggest transactions. Capital excluding rounds above $50M declined 37% between periods. The ordinary market weakened beyond the companies receiving headline checks.
Are fewer companies competing successfully for capital?	Yes, fewer medical imaging AI businesses secured financing in this period. The funded company count fell 25% against the earlier period. That loss of breadth matters beyond the dollars raised.
Did typical funding checks avoid the downturn?	They did not, as the median disclosed financing also slipped. The median dropped 17% between the two measured periods. Fewer startups now raise checks between $5M and $20M.
Can established diagnostic platforms still raise substantial sums?	Yes, established imaging AI vendors can still attract major investors. Aidoc raised $150M in its April 2026 Series D+ round. Its enterprise ambitions help explain investors' continued willingness to finance scale.
Has the transition beyond seed become easier?	No, the Series A market became smaller during the comparison. Series A count dropped from 16 deals to 7 deals. New clinical products still face a difficult next funding step.
Do later stages now claim most available funding?	Yes, mature companies receive most disclosed named-stage medical imaging capital. Later stages attracted 79% of disclosed named-stage capital recently. That tilts investor attention toward existing products and expansion.
Is diagnostic software still the busiest application?	Yes, image interpretation continues to produce the greatest deal flow. Detection and diagnostic AI recorded 23 deals recently. Yet its large funding advantage has weakened against other applications.
Is image acquisition drawing unusually large investments?	Not in disclosed dollars, once Laza Medical's ceiling is set aside. Acquisition and quality optimization raised at least $54M recently. Measurement and triage each drew far larger sums.
Are European companies winning the biggest checks?	Not clearly, despite Europe's higher number of funded transactions. North America attracted at least $254M, and Europe at least $250M. Europe leads on deal breadth, while capital is nearly level.
Have repeat fundraising cycles become meaningfully faster?	No, observed intervals between medical imaging AI rounds lengthened. Their median reached 24 months in the latest period. Selected fast raisers do not overturn this broader pattern.
Are investors now backing every imaging AI category?	Not equally, as capital concentrates in selected applications and companies. Triage and prioritization attracted $161M during the latest period. A few substantial commitments can outweigh numerous smaller diagnostic rounds.