Strong Demand for Lung Intelligence Accelerates VIDA's Growth
VIDA intelligence adopted by over 1,000 sites globally
CORALVILLE, Iowa. – May 4, 2022 —VIDA Diagnostics, Inc. (VIDA), the leader in lung and respiratory intelligence, has announced it has secured financing as it scales up to support strong demand for its VIDA Intelligence Portal, an AI-powered solution that supports clinical trial decentralization and improves site recruitment, onboarding, staff training, image data management and data quality. Since launching this latest addition to VIDA's platform five months ago, demand has driven VIDA's network to reach more than 1,000 sites, leading to substantially increased bookings and annual recurring revenue. Financing was supported by Listwin Ventures, long-term customer UW Health, Mathers Associates, University of Iowa Research Foundation, Live Oak Bank (debt facility) as well as existing investors.
"At VIDA, we are tapping into the growing biopharma market demand for clinical data intelligence to address inefficiencies and data quality issues in developing lung and respiratory therapies," said Susan Wood, Ph.D., VIDA's president & CEO. "The new funding supports strategic senior hires, builds on revenue momentum and accelerates the pace of innovation, particularly as biopharma companies seek new strategies to support the digitization, automation and decentralization of clinical trials."
To broaden VIDA's strategic opportunities and to support rapid commercial growth, Jon Freeman recently joined VIDA as chief financial officer. Freeman has a long track record of strategically guiding innovative healthcare companies through fundraising and acquisitions.
"I've been fortunate to provide strategic financial counsel to some exciting growth companies," said Freeman. "I was drawn to VIDA's compelling value proposition, the team's passion and commitment, and the company's growth trajectory. The opportunity to build on that strong base was highly attractive."
Other senior team members joining the team based on VIDA's strong potential include Keshav Datta, Ph.D., vice president research & development; and Martin Henehan, vice president, business development. Collectively, Freeman, Datta and Henehan bring decades of experience building and growing financially successful biopharma and healthcare intelligence companies.
In early April 2022, VIDA received market authorization in Japan for its VIDA Insights software, which is a complementary data-driven solution used by lung care teams at the point of care, aiding them to detect disease early, diagnose with more confidence, make more personalized treatment decisions and use precision lung intelligence to better manage population health.
VIDA will be showcasing its lung intelligence solutions, including the VIDA Intelligence Portal, at the American Thoracic Society (ATS) International ConferenceMay 13 – 18 in San Francisco and at the Precision Medicine World Congress (PMWC) June 28 – 30 in Santa Clara. At PMWC Dr. Susan Wood will deliver a talk, AI-Powered Lung Intelligence to Drive Clinical Trial Efficiencies.
About VIDA Diagnostics
VIDA is a precision lung health company, accelerating therapies to patients through AI-powered lung intelligence. VIDA DiscoverySM services enable more efficient respiratory clinical trials by providing more precise quantitative endpoints, AI-powered data quality controls, site training, and more to help biopharma sponsors save millions in drug development costs. VIDA Insights™ empowers physicians to better manage patients with or at risk of chronic obstructive pulmonary disease (COPD), interstitial lung disease, asthma, emphysema, lung cancer, and COVID-19. VIDA's software is FDA cleared, CE-marked, Health Canada licensed, TGA registered, and PMDA certified for clinical use in the US, European Economic Area, Canada, Australia, and Japan. Learn more at https://vidalung.ai. Follow @vidalung on Twitter and LinkedIn.