Koios Medical

About Koios Medical

Koios Medical, Inc. operates as a healthcare technology company, providing artificial intelligence (AI)-powered software for cancer diagnosis. Founded in 2012 and headquartered in New York, the company develops solutions to support physicians in the early and accurate detection of disease. The concept originated in 2007 when engineers applied machine learning from radar technology to identify cancer cells.

Chad McClennan, President and CEO, has led the company since 2017, leveraging his background in business consulting and an MBA from Northwestern University. His personal experiences with family health scares fueled his commitment to improving diagnostic accuracy. The company, formerly known as Clearview Diagnostics, was co-founded by John “Jack” Crowe, MD, a diagnostic radiologist.

The company's core product is Koios DS (Decision Support), a software platform that utilizes AI and machine learning to analyze ultrasound images of the breast and thyroid. This system, trained on a proprietary dataset of over two million images, analyzes thousands of features per image to assess cancer risk. It acts as an on-demand second opinion for physicians, classifying suspicious lesions according to the BI-RADS and TI-RADS rating systems and automatically populating diagnostic reports. Studies have demonstrated that physicians using Koios DS improved their cancer detection rates by up to 14% while reducing false positive biopsy orders by over 35%. The software is designed to be hardware-agnostic, integrating with major PACS workstation viewers and directly into ultrasound systems from partners like GE Healthcare and Philips.

Koios Medical primarily serves radiologists, endocrinologists, and other physicians in healthcare facilities ranging from community clinics to major hospital systems. The business model includes annual subscriptions tailored to customer size and licensing fees from software installations through distribution partners. The company has secured multiple 510(k) clearances from the U.S. Food and Drug Administration (FDA), as well as CE Mark approval, making its technology eligible for reimbursement under specific CPT codes. The firm has raised a total of $15.9 million over five funding rounds, including a significant conventional debt round in May 2024.