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iCAD
iCAD is a medical imaging AI firm chaired by Michael Klein, developing deep-learning tools for breast and colorectal cancer screening.
iCAD
iCAD was founded in 1984 as a medical device company, later pivoting to software. Michael Klein became chairman in 2015 via his investment firm, guiding the company toward artificial intelligence in radiology. The company is publicly traded on NASDAQ under ticker ICAD, but its structure also reflects family-office involvement through Klein's control vehicle. The firm invests in medical imaging AI, machine learning, and digital health workflow solutions. Its product portfolio includes ProFound AI for mammography and PowerLook for CT colonography — both cleared by the FDA. iCAD primarily sells to hospitals and imaging centers in North America and Europe, with a growing presence in Asia. Key partners include GE Healthcare and Siemens Healthineers, with whom it co-markets detection software. iCAD has a market capitalization of roughly $10M (per public filings, mid-2025), reflecting its small-cap status. The company employs about 100 people, with headquarters in Nashua, New Hampshire, and an additional office in Israel for R&D. In May 2024, iCAD announced a partnership with Amazon Web Services to cloud-enable its AI algorithms for faster deployment (per company press release, May 2024). What distinguishes iCAD is its structure as a publicly traded entity controlled by a single-family office through Michael Klein's ownership stake. This hybrid model allows the firm to access public capital markets while maintaining concentrated, long-term strategic vision — a rare architecture for a medical AI software firm.
General information
Firm type
Single Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Nashua
Corporate office
Nashua, NH, United States
Principals
Michael Klein
Chairman
Thomas L. Spitz
President and Chief Executive Officer
Sector focus
Frequently asked questions
Who controls iCAD's investment strategy?
iCAD is chaired by Michael Klein, who represents the controlling family-office investor. Day-to-day strategy is executed by CEO Thomas Spitz. The firm's strategic decisions balance clinical innovation with commercial deployment.
What is iCAD's core product?
iCAD's primary product is ProFound AI, an artificial intelligence algorithm for mammography analysis that helps radiologists detect breast cancer. It also offers PowerLook for CT colonography. Both are FDA-cleared.
How does iCAD generate revenue?
iCAD sells software licenses and service contracts to hospitals and imaging centers. Revenue comes from upfront fees and recurring maintenance contracts. In 2024, the company reported annual revenue of approximately $10M (per SEC filings).
Is iCAD a family office or a public company?
iCAD is a publicly traded company (NASDAQ: ICAD) but is controlled by Michael Klein through his family-office investment vehicle. This gives it hybrid characteristics of both a public firm and a family-backed enterprise.
Where does iCAD operate geographically?
Headquarters are in Nashua, New Hampshire. The company has an R&D office in Israel and sells primarily in North America and Europe, with some presence in Asia via partners.
What regulatory approvals does iCAD hold?
iCAD's ProFound AI and PowerLook systems have FDA clearance for breast and colorectal cancer detection. The firm also holds CE marking for European markets.
Who are iCAD's main competitors?
Competitors include Hologic, ScreenPoint Medical, and Aidoc. iCAD differentiates through its focus on breast and colorectal cancers and its cloud deployment via AWS.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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