Core Sound Imaging, provider of medical imaging platform Studycast, today announced an $80 million growth investment from PSG, a leading growth equity firm that specializes in partnering with software and technology-enabled services companies to capitalize on transformational growth. The investment will support Studycast’s plans to help accelerate its growth in core verticals, enter new clinical areas, and further enable AI usage on its platform. As part of the investment, PSG Senior Advisor Brian Kelly joins Core Sound Imaging as Executive Chairman.
“As demand for medical imaging studies continues to outpace the supply of professionals available to conduct them, we believe technology, including Studycast, is essential to close the gap and address patient needs,” said Kelly. “From our standpoint, Studycast’s proven technology can alleviate administrative burdens and promote efficiency without sacrificing clinical utility.”
Medical imaging is crucial to patient care, responsible for ensuring the right diagnosis is delivered quickly and accurately, and it’s in need of modernization across many healthcare facilities. The legacy process of imaging on-premises without workflow integration creates inefficiencies in patient care in the form of human error, delayed care, and poor physician experience.
Studycast was built in partnership with physicians and technologists aiming to streamline medical imaging to allow healthcare providers to focus on patient care. More than a picture archiving and communication system (“PACS”), Studycast provides a single workflow to help support all steps from ordering studies to reviewing and archiving results. The cloud-based system allows healthcare providers and patients to access diagnostic-quality medical images anywhere with internet access. Today, Studycast’s core medical specialties include cardiology, vascular surgery, and OB/GYN, with modalities including ultrasound, nuclear medicine, electrocardiography, and more.
“PSG’s depth of healthcare software and AI experience and operational resources will be invaluable as we continue to strengthen our system to support healthcare providers and ultimately patients,” said Core Sound Imaging Co-Founders Mark Smith, CEO, and Laurie Smith, Chief Revenue Officer. “With a shared vision, we’re eager to work closely with PSG as we build upon the features our customers know and love to expand in new clinical care areas.”
“We view Studycast as a mission critical, intelligent platform in the fast-growing medical imaging space. We believe the company is competitively positioned to cement itself as the preferred medical imaging platform due to its ease of use, seamless integration with partner tools and the breadth of its workflow,” said Jimmy Guan, Principal at PSG. “We see a strong opportunity to scale Studycast’s use of AI to help improve physician workflows and patient outcomes and we’re eager to work closely with the team to roll this out.”
Latham & Watkins LLP served as legal advisor to PSG. Holland & Knight LLP served as legal advisor and Software Equity Group (SEG) served as the exclusive advisor to Core Sound Imaging.
