AI-enabled medical documentation startup Abridge introduced Thursday it had scooped up $12.5 million in Sequence A-1 funding.
The spherical was led by Wittington Ventures with participation from current traders together with Union Sq. Ventures, Bessemer Enterprise Companions, Pillar Enterprise Capital and UPMC Enterprises. New traders Canadian laptop scientist and AI professional Yoshua Bengio and Whistler Capital additionally joined the increase.
Abridge stated the newest spherical brings the corporate’s funding pot to $27 million.
WHAT THEY DO
The startup affords an AI software that information and transcribes conversations between suppliers and sufferers. It then organizes and summarizes that data, pulling vital particulars corresponding to well being situations, signs and care plans to the highest of the report.
The software may also ship notes again to EHRs and combine with telehealth companies, in response to Abridge.
The corporate formally launched in 2020, backed by $15 million raised throughout seed and Sequence A rounds of funding. On the time, Abridge’s app was pitched as a means to assist sufferers observe their medical care, study extra about their analysis and drugs, and handle subsequent steps.
Dr. Shivdev Rao, CEO and founding father of Abridge, instructed MobiHealthNews that the corporate felt the software may have speedy affect for sufferers and households, but it surely took years of analysis to organize it for supplier use.
“It virtually feels such as you’ve bought an intern within the nook who’s doing all your give you the results you want, taking your notes for you,” he stated. “I believe the extra aspirational imaginative and prescient that we began with was that this may create worth for everybody concerned. And so now we have got the supplier piece, the toughest piece of that puzzle.”
WHAT IT’S FOR
Rao stated the startup plans to make use of the money from the Sequence A-1 for gross sales, advertising and marketing and partnerships with suppliers, in addition to to proceed to enhance the know-how.
Though the documentation software can be utilized for specialty care, he stated main and household care suppliers are a selected focus, particularly with regards to clinician burnout and EHR documentation burden.
“When you concentrate on the burnout problem, my coronary heart goes out to them initially, as a result of they’re being requested to do increasingly more day by day from a documentation perspective and from a billing perspective,” he stated. “They usually’re additionally seeing probably the most sufferers. A busy household follow clinician might need a pair thousand sufferers of their panel.”
One other AI-backed notetaking assistant for medical doctors is Suki, which introduced a $55 million Sequence C spherical of funding in December final yr and a $20 million Sequence B from March 2020.
In the meantime, scribe service Robin Healthcare additionally raised $50 million in Sequence B financing on the finish of final yr.
Nuance Communications, which Microsoft not too long ago acquired for practically $20 billion, additionally affords a medical documentation software, Dragon Medical One. Final yr, Nuance additionally acquired Saykara, maker of an AI assistant known as Kara.