# Digital Diagnostics

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/digital-diagnostics

- Industry: Medical Devices & Equipment
- Headquarters: Coralville, US
- Website: www.digitaldiagnostics.com
- Total disclosed funding: $109M
- Latest round: Series B (May 13, 2022)
- Investors on record: 11

## About

Digital Diagnostics Inc. is a healthcare technology firm specializing in AI-driven diagnostic solutions, particularly for diabetic retinopathy, enhancing healthcare accessibility and efficiency through innovative technology.Founded in 2010 in Coralville, US, Digital Diagnostics Inc. focuses on AI diagnostics, with its flagship product, LumineticsCore™, receiving FDA clearance. The company has completed 8 deals and recently raised USD 76.00 mn in a Series B funding round led by KKR, bringing the total amount raised to USD 76.00 mn. The CEO is John Bertrand, and the company was established by Michael Abramoff.Digital Diagnostics is a pioneering healthcare technology company that specializes in artificial intelligence (AI) diagnostic solutions, primarily focusing on the early detection and management of diabetic retinopathy through its flagship product, LumineticsCore™. Released as the first FDA-cleared AI diagnostic platform capable of making diagnoses without physician input, LumineticsCore™ enables healthcare providers to diagnose diabetic retinopathy at the point of care, generating results within 30 seconds of image submission. This innovation addresses critical challenges in healthcare, such as improving accessibility, affordability, and quality of eye care for patients with diabetes. The company serves a diverse client base, including primary care facilities and specialized treatment centers across various geographical markets, including the United States and potentially expanding into international markets as it grows.Digital Diagnostics generates revenue primarily through its sales of LumineticsCore™, which is reimbursable under CPT code 92229, allowing healthcare providers to receive compensation for utilizing this diagnostic service. The transaction structure typically involves direct business-to-business (B2B) relationships with healthcare providers, enabling seamless integration of the AI technology into their practices. Clients pay for the integration of LumineticsCore™ into their systems, alongside potential ongoing service agreements for training and support. This revenue model is reinforced by a significant need for efficiency in managing eye health, particularly within populations at risk for diabetic complications.Digital Diagnostics Inc. plans to leverage recent funding to advance its product offerings and expand into new markets. The company is exploring additional AI diagnostics solutions that enhance diabetic care and plans to expand its presence beyond the US into international markets. The new venture funding from Kinled Holding is expected to support these initiatives, facilitating the development of upcoming products and enhancing market reach.

## Funding rounds

- Series B, May 13, 2022, $76M — KKR, Kinderhook Industries, University of Iowa, 8VC, OSF Ventures, Optum Ventures, Edward-Elmhurst Healthcare, Gundersen Lutheran Medical Center Inc, Cedar Pine
- Series A, Sep 12, 2018, $33M — Heritage Provider Network, 8VC, Alpha Edison, Optum Ventures

## Investors

- Heritage Provider Network — Series A
- 8VC (https://capitalatlas.ai/funds/8vc) — Series A, Series B
- Alpha Edison (https://capitalatlas.ai/funds/alpha-edison) — Series A
- Optum Ventures (https://capitalatlas.ai/funds/optum-ventures) — Series A, Series B
- KKR (https://capitalatlas.ai/funds/kkr) — Series B
- Kinderhook Industries (https://capitalatlas.ai/funds/kinderhook-industries) — Series B
- University of Iowa — Series B
- OSF Ventures (https://capitalatlas.ai/funds/osf-ventures) — Series B
- Edward-Elmhurst Healthcare — Series B
- Gundersen Lutheran Medical Center Inc — Series B
- Cedar Pine (https://capitalatlas.ai/funds/cedar-pine) — Series B