University of Iowa's medical diagnostics spinout IDx has collected $33m from investors including Optum, bringing the company’s total to $48m.

IDx, a US-based medical diagnostics technology spinout of University of Iowa, has obtained $33m in a round led by venture capital firm 8VC. Optum Ventures, the investment arm of health services provider Optum – itself a subsidiary of healthcare company UnitedHealth Group – contributed to the round, as did health system Heritage Provider Network and VC firm AlphaEdison. Founded in 2010, IDx has developed an artificial intelligence (AI)-based diagnostics platform called IDx-DR that enables healthcare providers to detect diabetic retinopathy, an ocular symptom of diabetes, with algorithms trained to scan retinal images. The system, which has been approved by US healthcare regulator Food and Drug Administration, automatically spots diabetic retinopathy without the need for deep ophthalmological expertise, enabling testing during routine medical examinations. IDx-DR is already used in clinic by University of Iowa Health Care, the university’s integrated healthcare enterprise, and the spinout expects multiple other healthcare systems to implement the technology later this year. The company will use the cash to drive adoption of its technology and to develop additional AI-powered tools for diagnosing macular degeneration, glaucoma, Alzheimer’s disease, cardiovascular disease and stroke. IDx has now raised a total of $48m in equity and securities since 2012, according to regulatory filings. The company is based on work conducted by Michael Abramoff, a professor of ophthalmology and visual sciences at University of Iowa Health Care.

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