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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 pc scientist and AI skilled Yoshua Bengio and Whistler Capital additionally joined the elevate.
Abridge stated the most recent spherical brings the corporate’s funding pot to $27 million.
WHAT THEY DO
The startup presents an AI software that information and transcribes conversations between suppliers and sufferers. It then organizes and summarizes that info, pulling vital particulars equivalent to well being circumstances, signs and care plans to the highest of the report.
The software may also ship notes again to EHRs and combine with telehealth providers, based on Abridge.
The corporate officially 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, informed MobiHealthNews that the corporate felt the software might have fast 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 feel the extra aspirational imaginative and prescient that we began with was that this could 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 expertise.
Though the documentation software can be utilized for specialty care, he stated main and household care suppliers are a selected focus, particularly in the case of clinician burnout and EHR documentation burden.
“When you concentrate on the burnout problem, my coronary heart goes out to them firstly, as a result of they’re being requested to do increasingly on daily basis from a documentation perspective and from a billing perspective,” he stated. “And so they’re additionally seeing probably the most sufferers. A busy household follow clinician may need a pair thousand sufferers of their panel.”
MARKET SNAPSHOT
One other AI-backed notetaking assistant for docs is Suki, which announced a $55 million Series C round of funding in December final yr and a $20 million Series B from March 2020.
In the meantime, scribe service Robin Healthcare additionally raised $50 million in Series B financing on the finish of final yr.
Nuance Communications, which Microsoft recently acquired for almost $20 billion, additionally presents a medical documentation software, Dragon Medical One. Final yr, Nuance additionally acquired Saykara, maker of an AI assistant known as Kara.
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