Rapidai Inc. landed $75 million in a series C financing led by Vista Credit Partners. The funds will be used to fuel development of additional indications and expand market reach of its artificial intelligence (AI)-powered clinical decisionmaking and workflow support technology. With this latest round, the San Mateo, Calif.-based company has raised approximately $100 million, according to Crunchbase.
The identification of new targets in diseases of the central nervous system (CNS) such as Alzheimer’s and Parkinson’s – conditions which continue to have significant unmet needs – has taken a small step forward as one company, Violet Therapeutics Inc., plans to put $10.6 million in seed funding toward building out a pipeline based on technologies that elucidate the way cells interact amongst one another.
While med-tech financings in the second quarter (Q2) rose by 24% over the first quarter (Q1) – an historically low Q1 – the overall funding landscape in 2023 has struggled to keep up with other years, with IPOs in particular hitting rock bottom. A total of $5.8 billion was raised in Q2 through 128 transactions. Combined with Q1, the amount for the first half of 2023 is $10.5 billion through 255 transactions. This is an overall drop in value during the first six months of 31% compared with the same timeframe in 2022. It also is down from 2017 – the next lowest year – by 22%.
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