AI-powered medical documentation startup Abridge announced Thursday that it had raised $12.5 million in Series A-1 funding.
The round was led by Wittington Ventures with participation from existing investors including Union Square Ventures, Bessemer Venture Partners, Pillar Venture Capital and UPMC Enterprises. New investors, Canadian computer scientist and AI expert Yoshua Bengio and Whistler Capital, also joined the capital increase.
Abridge said the latest round brings the company’s funding pool to $27 million.
WHAT THEY DO
The startup offers an AI tool that records and transcribes conversations between providers and patients. It then organizes and summarizes this information, pulling key details such as health conditions, symptoms, and care plans to the top of the report.
According to Abridge, the tool can also send notes back to EHRs and integrate with telehealth services.
The enterprise officially launched in 2020, backed by $15 million raised through seed and Series A funding rounds. Back then, Abridge’s app was designed to help patients track their medical care, learn more about their diagnosis and medication, and manage next steps.
dr Shivdev Rao, CEO and Founder of Abridge, said Mobile Health Newsthat the company believed the tool could have an immediate impact on patients and families, but it took years of research to prepare it for use by the provider.
“It almost feels like you have an intern in the corner doing your work for you and taking your notes for you,” he said. “I think the more ambitious vision we started with was that this can create value for everyone involved. And now we have the provider’s piece, the hardest piece of this puzzle.”
WHAT IT IS FOR
Rao said the startup plans to use the money raised from the A-1 series for sales, marketing and vendor partnerships, as well as further improving the technology.
Although the documentation tool can be used for specialty care, primary and family care providers are the focus, especially when it comes to nursing Physician burnout and EHR documentation effort.
“When you think of the burnout challenge, my heart goes out to them first and foremost because every day they are demanding more and more from a documentation and billing perspective,” he said. “And they also see most of the patients. A busy GP might have a few thousand patients on their board.”
Another AI-powered note-taking assistant for doctors is Suki announced a $55 million Series C funding round last December and a $20 million Series B funding round beginning in March 2020.
Meanwhile, typing service has also raised Robin Healthcare $50 million in Series B funding late last year.
Nuance Communications, the Microsoft recently acquired it for nearly $20 billion and also offers a clinical documentation tool, Dragon Medical One. Last year, Nuance also acquired Saykara, the maker of an AI assistant called Kara.