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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 laptop 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 gives an AI instrument that data and transcribes conversations between suppliers and sufferers. It then organizes and summarizes that info, pulling vital particulars comparable to well being situations, signs and care plans to the highest of the report.
The instrument can even ship notes again to EHRs and combine with telehealth companies, in accordance with 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 method to assist sufferers monitor their medical care, study extra about their prognosis and medicines, and handle subsequent steps.
Dr. Shivdev Rao, CEO and founding father of Abridge, informed MobiHealthNews that the corporate felt the instrument may have instant impression for sufferers and households, nevertheless it 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 of your be just right for you, taking your notes for you,” he stated. “I feel the extra aspirational imaginative and prescient that we began with was that this may create worth for everybody concerned. And so now we have 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 partnerships with suppliers, in addition to to proceed to enhance the know-how.
Though the documentation instrument can be utilized for specialty care, he stated main and household care suppliers are a specific focus, particularly with regards to clinician burnout and EHR documentation burden.
“When you consider the burnout problem, my coronary heart goes out to them at first, as a result of they’re being requested to do increasingly more every single day from a documentation perspective and from a billing perspective,” he stated. “And so they’re additionally seeing essentially the most sufferers. A busy household observe clinician may need a pair thousand sufferers of their panel.”
MARKET SNAPSHOT
One other AI-backed notetaking assistant for medical doctors is Suki, which announced a $55 million Series C round of funding in December final 12 months 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 12 months.
Nuance Communications, which Microsoft recently acquired for almost $20 billion, additionally gives a medical documentation instrument, Dragon Medical One. Final 12 months, Nuance additionally acquired Saykara, maker of an AI assistant known as Kara.
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