New Lantern Launches AI Radiology Resident, Raises $19M Series A
November 20, 2024 12:00 PM Eastern Standard Time
SAN FRANCISCO–(BUSINESS WIRE)–Today New Lantern emerged from stealth to launch its AI radiology resident, backed by $19M in Series A funding led by Benchmark, bringing the company to more than $23M in total funding. Benchmark General Partner Eric Vishria – whose past investments include AcuityMD, Amplitude, Benchling, Cerebras, Confluent, and Fireworks AI, among others – is joining the New Lantern board. Other participants in the round include Afore Capital, Anthology Fund, Neo, SV Angel, Guillermo Rauch, Amjad Masad, Saji Wickramasekara, Jay Kreps, and Gokul Rajaram, among others.
Radiologists waste 8 hours per shift hand-drawing measurements, dictating reports, and on follow-up phone calls. New Lantern’s AI-powered platform enables radiologists to work faster and focus their energy on the images, which translates to improved speed of care for patients, and increased revenues for radiologists, whose earnings are tied to the number of exams.
New Lantern is the first cloud-native AI radiology suite. Today, the platform automates 25% of radiology workflows and over time, the company aims to automate up to 90% of workflows to effectively act as an AI radiology resident.
“I’ve seen first-hand the inefficiencies and wasted hours that come with using legacy PACS and reporting software, and with the advancements in AI we can give radiologists back hours in their day to focus on the most critical parts of the job,” said New Lantern Founder and CEO Shiva Suri. “It’s still early days, and we couldn’t ask for a better partner than Eric and the Benchmark team to help us build and scale the company for the long-term.”
“Thanks in part to Geoff Hinton’s comments years ago, countless companies have chased the idea that AI should replace radiologists,” said Benchmark General Partner Eric Vishria. “Shiva was the first entrepreneur I met who figured out a much better approach is to use AI to replace the drudgery of the job, like making measurements in 3D and writing reports, so radiologists can focus on what they’re great at – reading scans.”
With the new funding, New Lantern plans to invest in continued R&D as well as hire and grow its team across engineering and sales.
About New Lantern
New Lantern is the AI copilot for radiologists. Founded in 2021, the company has built the first complete AI radiology suite that automates key imaging and reporting workflows, boosting radiologists’ efficiency and income by 2x. New Lantern is backed by investors including Benchmark, Afore Capital, Anthology Fund, Neo, SV Angel, Guillermo Rauch, Amjad Masad, Saji Wickramasekara, Jay Kreps, and Gokul Rajaram, among others. For more information, please visit newlantern.ai
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