Core Sound Imaging secures $80 million growth investment from PE firm
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Gus Iversen, Editor in Chief | January 22, 2025
Business Affairs
Core Sound Imaging, the Raleigh, North Carolina-based provider of the cloud-based medical imaging platform Studycast, has announced an $80 million growth investment from PSG, a growth equity firm focused on software and technology-enabled services.
Founded in 2007, Core Sound Imaging serves healthcare providers in 49 U.S. states and seven countries. The funding aims to support Studycast's expansion into new clinical specialties, enhance its AI capabilities, and drive overall platform growth.
As part of the investment, Brian Kelly, senior advisor at PSG, has joined 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,” Kelly said.
Studycast offers a cloud-based platform that streamlines the entire medical imaging workflow, from ordering studies to reviewing and archiving results. Unlike traditional PACS, the system integrates diagnostic-quality image viewing with workflow management. It serves medical specialties such as cardiology, vascular surgery, and OB/GYN, with support for modalities like ultrasound, nuclear medicine, and electrocardiography.
Mark Smith, cofounder and CEO of Core Sound Imaging, said the partnership with PSG aligns with the company’s vision of modernizing imaging workflows to improve patient care. “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,” Smith stated.
PSG, established in 2014, has invested in more than 140 companies globally, supporting their growth through strategic guidance and operational expertise.
Legal advisors on the deal included Latham & Watkins LLP for PSG and Holland & Knight LLP for Core Sound Imaging. Software Equity Group acted as Core Sound Imaging's exclusive advisor.
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