Fundraising Fox

Md

San Francisco, US · Delaware LLC · 2 employees on LinkedIn · 1 known investors

MD.ai builds a data annotation platform for creating and validating medical imaging datasets, along with AI-powered clinical reporting software for radiologists. Founded by physicians, it serves doctors, scientists, and engineers at academic medical institutions, pharmaceutical companies, and healthcare organizations.

Also known as MD.ai · MDai

Founders & leadership

LC
Leon CheninFounder
RC
Richard C. WymanNamed on SEC filing
SL
Sid LuckenbachNamed on SEC filing
ML
Mark L. VorsatzNamed on SEC filing
JP
Joseph P. KarczewskiNamed on SEC filing
DK
David KapnickNamed on SEC filing
GD
Gerald DesRochesNamed on SEC filing
SK
Susan K. SwartzNamed on SEC filing
DD
Daniel DePaoliNamed on SEC filing

Investors · 1

Reported raises · per SEC filings

Form D private placements

$3.5M disclosed across 11 of 12 rounds · 2014–2025

Undisclosed amountofferedApr 2025 · 148 investors · Business Services
Rule 506(b)
Officers, directors & promoters on the filing
  • Mary DuffyDirector
  • Peter CosicaDirector
  • Jeff MaloDirector
  • Neal LivingstonExecutive Officer
  • Joseph P. KarczewskiDirector
  • Daniel DePaoliExecutive Officer
  • Chad ThielDirector
  • Mark L. VorsatzExecutive Officer, Director
  • Peter CroccoDirector
  • Frank CassidyDirector
  • Adam SteinbergerDirector
First sale
Apr 2025
Incorporated
Limited Liability Company, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$678.3KraisedApr 2024 · 131 investors · Business Services
Rule 506(b)
Officers, directors & promoters on the filing
  • Peter CroccoDirector
  • Sid LuckenbachDirector
  • Joseph P. KarczewskiDirector
  • Daniel DePaoliExecutive Officer
  • Lily TsuiExecutive Officer
  • Chad ThielDirector
  • Jeff MaloDirector
  • Mary DuffyDirector
  • Peter CosicaDirector
  • Frank CassidyDirector
  • Adam SteinbergerDirector
  • Mark L. VorsatzExecutive Officer
Offering amount
$702.5K
Amount sold
$678.3K
First sale
Apr 2024
Incorporated
Limited Liability Company, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$538.6KraisedApr 2023 · 115 investors · Business Services
Rule 506(b)
Officers, directors & promoters on the filing
  • Jeff MaloDirector
  • Mary DuffyDirector
  • Peter CroccoDirector
  • David KapnickExecutive Officer
  • Mark L. VorsatzExecutive Officer
  • Sid LuckenbachDirector
  • Peter CosicaDirector
  • Frank CassidyDirector
  • Daniel DePaoliExecutive Officer
  • Joseph P. KarczewskiDirector
Offering amount
$645.3K
Amount sold
$538.6K
First sale
Apr 2023
Incorporated
Limited Liability Company, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$459.2KraisedApr 2022 · 92 investors · Business Services
Rule 506(b)
Officers, directors & promoters on the filing
  • Mark L. VorsatzExecutive Officer
  • Peter CroccoDirector
  • David KapnickExecutive Officer
  • Mary DuffyDirector
  • Peter CosciaDirector
  • Jeff MaloDirector
  • Daniel DePaoliExecutive Officer
  • Sid LuckenbachDirector
  • Frank CassidyDirector
  • Joseph P. KarczewskiDirector
Offering amount
$513.8K
Amount sold
$459.2K
First sale
Apr 2022
Incorporated
Limited Liability Company, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$476.3KraisedApr 2021 · 93 investors · Business Services
Rule 506(b)
Officers, directors & promoters on the filing
  • Gerald DesRochesDirector
  • Mary DuffyDirector
  • Mark L. VorsatzExecutive Officer
  • Jeff MaloDirector
  • Joseph P. KarczewskiDirector
  • David KapnickExecutive Officer
  • Frank CassidyDirector
  • Sid LuckenbachDirector
  • Peter CosciaDirector
  • Daniel DePaoliExecutive Officer
Offering amount
$476.3K
Amount sold
$476.3K
First sale
Apr 2021
Incorporated
Limited Liability Company, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$311.6KraisedApr 2020 · 64 investors · Business Services
Rule 506(b)
Officers, directors & promoters on the filing
  • Mary DuffyDirector
  • Jeff MaloDirector
  • Peter CosciaDirector
  • David KapnickExecutive Officer
  • Gerald DesRochesDirector
  • Mark L. VorsatzExecutive Officer
  • Daniel DePaoliExecutive Officer
  • Frank CassidyDirector
  • Joseph P. KarczewskiDirector
  • Sid LuckenbachDirector
Offering amount
$311.6K
Amount sold
$311.6K
First sale
Apr 2020
Incorporated
Limited Liability Company, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$260.6KraisedApr 2019 · 70 investors · Business Services
Rule 506(b)
Officers, directors & promoters on the filing
  • Gerald DesRochesDirector
  • Sid LuckenbachDirector
  • Joseph P. KarczewskiDirector
  • Daniel DePaoliExecutive Officer
  • David KapnickExecutive Officer
  • Mark L. VorsatzExecutive Officer
  • Susan K. SwartzDirector
  • Mary DuffyDirector
  • Peter CosciaDirector
  • Frank CassidyDirector
Offering amount
$260.6K
Amount sold
$260.6K
First sale
Apr 2019
Incorporated
Limited Liability Company, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$171.4KraisedApr 2018 · 48 investors · Business Services
Rule 506(b)
Officers, directors & promoters on the filing
  • Peter CosciaDirector
  • Susan K. SwartzDirector
  • Joseph P. KarczewskiDirector
  • Mary DuffyDirector
  • Mark L. VorsatzExecutive Officer
  • Gerald DesRochesDirector
  • Daniel DePaoliExecutive Officer
  • Sid LuckenbachDirector
  • David KapnickExecutive Officer
  • Frank CassidyDirector
Offering amount
$176.4K
Amount sold
$171.4K
First sale
Apr 2018
Incorporated
Limited Liability Company, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Company profile

researched Aug 2026

MD.ai develops software for medical imaging artificial intelligence and radiology workflows. Its Annotator product is a DICOM-native, browser-based platform for building and validating labeled medical imaging datasets, with features including an FDA 510(k)-cleared viewer, AI-assisted annotation, PHI detection and de-identification, developer APIs, and scaling for large projects. Annotations can be exported in formats such as JSON and DICOM SR, and users can search images by custom tags, mark up and comment on files, and use data directly in the application to train machine learning models.

A second product line focuses on clinical reporting, applying large language models to radiology reporting workflows. Described capabilities include automatic template selection, mapping of dictated key findings, impression generation, proofreading, automated billing code generation, patient-friendly audio messages, contextual AI chat, multilingual support and multi-device sync, with HL7/DICOM integration into EHR, HIS and RIS systems and both AI-driven and traditional reporting modes.

The company also publishes research and white papers with its team and collaborators, covering topics such as evaluation of GPT-4 for radiology report impression generation, evaluation of GPT-4V on detection of findings on chest radiographs, model fairness in image-based computer-aided diagnosis, and lessons from building multi-institution annotated datasets and hosting RSNA AI challenges.

Founding story

The company was started by physicians trained at Harvard, Duke and Columbia with the stated aim of accelerating the use of AI in medicine, particularly in medical imaging and associated software tools. George Shih, M.D., is identified as a co-founder.

Business model

MD.ai licenses its annotation platform and AI-assisted reporting software to healthcare and research organizations, with website engagement routed through demo requests and direct contact.

Traction

According to a Google Cloud case study, MD.ai's platform helped 1,300 teams process more than 30,000 images, and reduced project image management time from hours to seconds. The company states that thousands of doctors and collaborators have used the platform to create labeled datasets, deploy and validate models and build AI-driven clinical workflows, and that its software is used at top academic medical institutions and large pharmaceutical and healthcare companies. Stanford's AIMI Center provides the tool to its researchers.

Latest developments

Recent listed projects include the RSNA 2024 Lumbar Spine Degenerative Classification and RSNA 2023 Abdominal Trauma Detection competitions, and recent publications evaluate GPT-4 for radiology impression generation and GPT-4V for detecting findings on chest radiographs, the latter concluding the model is not ready for real-world diagnostic use in chest radiograph interpretation.

Full profile — market position, technology, go-to-market, geography, history

Market position

MD.ai positions itself as infrastructure for medical imaging AI, supplying annotation and dataset curation capabilities to hospitals, research groups and companies that would otherwise rely on public datasets with inconsistent labels or open-source annotation tools lacking graphical interfaces and scope.

Stated differentiators include native DICOM support, an FDA 510(k)-cleared viewer, cloud-native browser-based operation, AI-assisted annotation, built-in PHI detection and de-identification, developer APIs, and an integrated path from dataset creation through model deployment and validation.

Technology

The Annotator backend runs on Google Cloud, using Google Kubernetes Engine for usage-based scaling and dedicated per-project data clusters, and is integrated with the Cloud Healthcare API for native HL7 and DICOM support, security standards and HIPAA compliance. The application is cloud-native and optimized for Chrome, so users need only a web browser rather than local installs and bulk file downloads; web-based or Docker-based model deployment is supported, along with Jupyter Colab notebook paths into Google Cloud for AI integration. The reporting product applies large language models to radiology report generation and related administrative tasks.

Go-to-market

MD.ai reaches users through demo requests on its website, partnerships with medical societies that run public AI challenges and publish datasets built on its platform, distribution to academic researchers via institutional programs such as Stanford's AIMI Center, and collaborations with technology vendors including Google Cloud and NVIDIA.

Radiologists, physicians, scientists and engineers at academic medical institutions, along with large pharmaceutical and healthcare companies, hospitals and research groups building or validating medical imaging models.

Geography

Public projects have drawn data contributions from institutions in multiple countries, including Stanford University, St. Michael's Hospital, Thomas Jefferson University and Universidade Federal de Sao Paulo, and the pulmonary embolism dataset combined imaging from five international research centers.

History

MD.ai was founded by Harvard-, Duke- and Columbia-trained physicians to accelerate the application of AI in medicine, with a focus on medical imaging and software tools. Its platform has been used to create datasets for a series of public imaging challenges, including the RSNA Pneumonia Detection Challenge, SIIM-ACR Pneumothorax Segmentation, RSNA Intracranial Hemorrhage Detection, the 2020 RSNA/STR Pulmonary Embolism Detection challenge, RANZCR CLiP, SIIM-FISABIO-RSNA COVID-19 Detection, the UNIFESP X-ray body part classifier competition, RSNA 2022 Cervical Spine Fracture Detection, RSNA 2023 Abdominal Trauma Detection and RSNA 2024 Lumbar Spine Degenerative Classification.

Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
CT studies in RSNA STR pulmonary embolism datasetJan 202012,000 CT studies
Expert thoracic radiologists labeling RSNA STR PE datasetJan 202080 radiologists
Images processedJan 202430,000 images
Teams helped (via Google Cloud-powered Annotator)Jan 20241,300 teams

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Competitors · 5

by search overlap

Companies competing with Md for the same Google search keywords, organic and paid, via search-intersection analysis.

Timeline · 7

launches, deals, and filings
Jan 2024
MD.ai annotation software offered to Stanford researchers through AIMI Center

Stanford's Center for Artificial Intelligence in Medicine & Imaging provides MD.ai annotation software to its researchers for curating and creating training datasets for imaging research projects, with web- or Docker-based model deployment and Google Cloud Platform storage integration.

source ↗

Jan 2024
Model validation workflow with NVIDIA Clara Imaging

Published work describes deploying medical imaging models built with NVIDIA Clara on the MD.ai platform for collaborative validation.

source ↗

Jan 2024
RSNA 2024 Lumbar Spine Degenerative Classification competition

Kaggle competition on classifying lumbar spine degenerative conditions, listed among MD.ai's public projects.

source ↗

Jan 2021
SIIM-FISABIO-RSNA COVID-19 Detection challenge dataset

Public competition dataset for identifying and localizing COVID-19 abnormalities on chest radiographs, listed among MD.ai projects.

source ↗

Jan 2020
RSNA STR Pulmonary Embolism Detection challenge dataset

In collaboration with RSNA and the Society of Thoracic Radiology, MD.ai supported creation of a publicly available annotated pulmonary embolism dataset of more than 12,000 CT studies, contributed by five international research centers and labeled by more than 80 expert thoracic radiologists.

source ↗

Jan 2019
RSNA Intracranial Hemorrhage Detection dataset built on MD.ai platform

Dataset for a Kaggle challenge created on the MD.ai platform with the Radiological Society of North America and the American Society of Neuroradiology, with data contributed by Stanford University, St. Michael's Hospital, Thomas Jefferson University and Universidade Federal de Sao Paulo.

source ↗

Jan 2018
RSNA Pneumonia Detection Challenge dataset and Google Cloud collaboration

MD.ai created the challenge dataset with RSNA and the Society of Thoracic Radiology; teams used MD.ai Annotator and a 30,000-image dataset, with Google Cloud supporting the effort.

source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

Legal entities · 1

corporate structure
MdDelaware

Research sources · 8

primary sources listed
  • Mdmd.ai · web

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Md do?
MD.ai provides DICOM-native medical imaging annotation tools and AI-assisted clinical reporting software for radiology.
Who founded Md?
Md was founded by Leon Chen.
Who are Md's investors?
Md's investors include AIX Ventures.
How much funding has Md raised?
Md has disclosed $3.5M raised across 11 of its 12 known rounds.
Where is Md headquartered?
Md is headquartered in San Francisco, US.