Aidoc
ConvictionContext
B2B enterprise software sold to health systems, not payers. Annual per-site / per-module subscription for aiOS and the BriefCase triage portfolio, deployed on-prem or at the edge into the radiology worklist, PACS and mobile alerting; land one acute use case, expand across indications and sites, and increasingly sell aiOS as the governance layer for AI generally. Revenue is hospital opex justified on throughput, transfer capture, length-of-stay and radiologist capacity — NOT a reimbursed per-study fee, and therefore a different engine from Cleerly or HeartFlow, whose price CMS sets.
Revenue
Not disclosednot audited, no company-confirmed figure at any vintage. An unmethodised ~$73.5M 2026 estimate circulates on aggregator profiles (RocketReach class; no basis, no vintage, no company confirmation) — UNVERIFIED and asserted nowhere here. The only company-sourced anchors are operational, from 29 Apr 2026: nearly 2,000 hospitals, more than 60 million patient cases analysed a year, 110M+ cumulative, ~70 million patients supported annually. That is reach, not revenue; no per-case or per-site price is public to convert it.Rev growth
Not disclosed. Dated rather than measured: two $150M financings nine months apart23 Jul 2025, General Catalyst and Square Peg co-leads with NVentures and four health systems; 29 Apr 2026, Goldman Sachs Alternatives lead) against a hospital count the company puts at nearly 2,000. A financing cadence evidences investor demand and cash consumption — not a growth rate.Gross margin
Not disclosed. Software-likein shape, with four drags a pure SaaS lacks: per-study GPU inference at 60M+ cases a year; edge / on-prem deployment across ~2,000 hospitals; PACS / EHR integration and go-live services per site; and continuous performance monitoring and clinical governance, which is human cost. Class comparator: HeartFlow's ~81% guided FY2026 non-GAAP gross margin (board canon) — the category's order of magnitude, explicitly NOT an Aidoc figure and struck on a reimbursed per-study model.Op margin
Not disclosedASSUMED materially negative, labelled an assumption. Announced with the Jul 2025 CARE financing, the company said it will invest more than $150M with NVIDIA and AWS over the coming years to bring CARE to market — roughly the size of either round on its own. Raising $300M in nine months while committing nine figures to compute is spending well ahead of any plausible undisclosed revenue base.Capex intensity
Structurally low but NOT zeroand less asset-light than a single-algorithm SaMD peer. Aidoc owns no scanners — the CT and X-ray fleet belongs to GE HealthCare, Siemens Healthineers, Canon Medical, Philips and United Imaging. But the >$150M NVIDIA / AWS commitment behaves like capital intensity whether booked as prepaid cloud, committed spend or hardware, and edge deployment puts dedicated capacity inside customer environments.Valuation
n/aprivate). No market capitalisation exists and the board carries no valuation. Last disclosed capital: a $150M Series E announced 29 Apr 2026, led by Growth Equity at Goldman Sachs Alternatives with General Catalyst, SoftBank Vision Fund 2 and NVentures (NVIDIA's venture arm), taking cumulative disclosed funding above $500M — post-money NOT DISCLOSED (canon CF-AIDOC-01), as it was not at the $150M round of 23 Jul 2025 either. Two consecutive undisclosed rounds means there is not even a stale negotiated mark to quote and caveat, and no valuation may be inferred from raise size. Canon accordingly records Aidoc as CORRECTLY EXCLUDED from the six-name ~$33.05B aggregate of last-round private marks.The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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