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 present buyers together with Union Sq. Ventures, Bessemer Enterprise Companions, Pillar Enterprise Capital and UPMC Enterprises. New buyers Canadian pc scientist and AI knowledgeable Yoshua Bengio and Whistler Capital additionally joined the elevate.
Abridge mentioned the most recent spherical brings the corporate’s funding pot to $27 million.
WHAT THEY DO
The startup presents an AI software that data and transcribes conversations between suppliers and sufferers. It then organizes and summarizes that data, pulling essential particulars akin 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 line with 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 method to assist sufferers monitor their medical care, study extra about their prognosis and drugs, and handle subsequent steps.
Dr. Shivdev Rao, CEO and founding father of Abridge, informed MobiHealthNews that the corporate felt the software may have rapid influence for sufferers and households, however it took years of analysis to organize it for supplier use.
“It nearly feels such as you’ve obtained an intern within the nook who’s doing all of your give you the results you want, taking your notes for you,” he mentioned. “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 mentioned the startup plans to make use of the money from the Sequence A-1 for gross sales, advertising and partnerships with suppliers, in addition to to proceed to enhance the expertise.
Though the documentation software can be utilized for specialty care, he mentioned main and household care suppliers are a specific 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 at the start, as a result of they’re being requested to do increasingly day-after-day from a documentation perspective and from a billing perspective,” he mentioned. “They usually’re additionally seeing probably the most sufferers. A busy household follow clinician may need a pair thousand sufferers of their panel.”
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 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.