In an era where artificial intelligence (AI) continues to revolutionise various industries, New Lantern has emerged from stealth to bring its AI-driven radiology assistant to the forefront.
Backed by a $19 million Series A funding round led by Benchmark, the San Francisco-based startup aims to enhance efficiency and accuracy in radiology workflows. This announcement marks a pivotal step in the integration of AI within medical imaging, sparking discussions about the future of radiology and its intersection with advanced technology.
Just a while back, we also reported about how Tekever raised €70M funding from SpaceX backer. It’s a good read too.
What problem is the startup trying to solve
Radiology, a cornerstone of modern healthcare, is burdened with operational inefficiencies that impact patient care and practitioner productivity. Radiologists spend significant portions of their shifts on administrative tasks, including hand-drawing measurements, dictating reports, and making follow-up calls. These repetitive tasks can consume up to eight hours per shift, leaving less time for critical analysis of medical images.
New Lantern’s AI-powered platform steps into this gap, offering tools designed to streamline these processes. The platform currently automates about 25% of radiology workflows, with ambitions to scale this automation up to 90% over time. The company was born out of and inspiration from founder Shiva Suri’s mother, who worked as a radiologist herself. This led Shiva search for ways to increase efficiency within the industry.
According to Shiva Suri, founder and CEO of New Lantern, “With advancements in AI, we can give radiologists back hours in their day to focus on the most critical parts of the job.”
This focus on augmenting rather than replacing radiologists is a defining feature of New Lantern’s approach. While some companies have explored using AI to take over diagnostic tasks, New Lantern positions itself as a supportive tool, likened to an AI radiology resident. Benchmark General Partner Eric Vishria noted, “Shiva figured out a much better approach: 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.”
The implications of New Lantern’s technology extend beyond radiologists. Patients stand to benefit significantly from faster imaging processes, leading to quicker diagnoses and treatment plans. For instance, in emergency scenarios where time is critical, an AI-powered system that accelerates workflow could be life-saving.
Moreover, by reducing the administrative burden on radiologists, the platform has the potential to improve job satisfaction and reduce burnout, a growing concern in the medical profession. As Vishria emphasised, the goal is not to replace radiologists but to allow them to focus on their expertise—interpreting scans and providing valuable insights for patient care.
The first cloud-native AI Radiology suite
New Lantern claims to have developed the first cloud-native AI radiology suite. This means the platform operates entirely in the cloud, enabling faster deployment, easy updates, and seamless scalability for hospitals and diagnostic centers. By automating tasks such as measurement, reporting, and data analysis, the suite allows radiologists to prioritise interpreting scans and making life-saving decisions.
Unlike traditional Picture Archiving and Communication Systems (PACS), New Lantern’s platform is designed with a modern, AI-driven architecture. The company’s focus on cloud-native technology is a deliberate move to integrate seamlessly into existing medical systems while offering superior functionality.
Financial backing and future plans
The $19 million raised in Series A funding brings New Lantern’s total funding to over $23 million. Led by Benchmark, the round also saw participation from Afore Capital, Anthology Fund, Neo, and prominent individual investors such as Guillermo Rauch and Amjad Masad. This financial backing will fuel research and development efforts and support team expansion across engineering and sales.
Shiva Suri expressed confidence in the company’s trajectory, highlighting the significance of having strong partners like Benchmark. “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,” Suri said.
Ethical and practical implications
New Lantern’s emergence comes at a time when AI is making significant inroads into healthcare. From predictive analytics to robotic surgery, AI tools are reshaping how care is delivered. Radiology, with its reliance on imaging and data analysis, is particularly well-suited for AI integration.
Startups like Viz.ai and Zebra Medical Vision have already made strides in applying AI to medical imaging. However, New Lantern’s focus on workflow optimisation sets it apart. By addressing the day-to-day challenges faced by radiologists, the company aims to create an immediate and tangible impact on the profession.
The integration of AI into healthcare is not without its challenges. Concerns about data privacy, algorithm bias, and the potential for over-reliance on technology remain pressing issues. New Lantern’s cloud-native system raises questions about data security, particularly when sensitive medical information is involved.
There is also the matter of adoption. Radiologists and healthcare administrators must be convinced of the platform’s reliability and its ability to integrate seamlessly into existing workflows. Resistance to change, especially in a field as critical as healthcare, could be a barrier to widespread implementation.
Are there any competition in this space
The radiology AI market is both promising and competitive. Geoffrey Hinton, a pioneer in AI, famously speculated years ago that radiologists could one day be replaced by AI. However, New Lantern’s approach departs from this notion, aiming instead to complement radiologists rather than render them obsolete.
By targeting the inefficiencies inherent in current radiology workflows, the company differentiates itself from other AI solutions. Automating mundane yet time-intensive tasks positions New Lantern as a partner to radiologists, enhancing their ability to deliver accurate and timely diagnoses.
What do we think about the startup
New Lantern’s AI radiology resident represents a promising development in medical imaging, addressing inefficiencies that have long plagued the field. Its cloud-native platform, combined with a focus on workflow automation, positions it as a valuable tool for radiologists and healthcare providers.
However, the road ahead is not without challenges. Ensuring data security, gaining trust within the medical community, and navigating regulatory landscapes will be critical to the platform’s success. As AI continues to evolve, companies like New Lantern have the opportunity to transform healthcare—but the journey will require careful consideration of both technological and human factors.
In a healthcare system often constrained by time and resources, tools that enhance efficiency while maintaining quality could be game-changers. New Lantern’s approach of working with radiologists rather than attempting to replace them may set a precedent for future innovations in the field. Only time will reveal the extent of its impact, but its vision of giving radiologists “hours back in their day” is a goal worth striving for.
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