Abridge raises $12.5 million for AI-powered medical scribe
Launch of AI-powered medical documents Abridge announced Thursday that it has 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 raise.
Abridge said the latest round brings the company’s funding to $27 million.
WHAT ARE THEY DOING
The startup offers an AI tool that helps record and transcribe conversations between providers and patients. It then organizes and summarizes that information, pulling important details like health conditions, symptoms, and care plans to the top of the report.
According to Abridge, the tool can also send notes back to the EHR and integrate with telehealth services.
Company Officially launched in 2020backed by $15 million raised from seed rounds and Series A. At the time, Abridge’s app was seen as a way to help patients track their medical care, find Learn more about their diagnosis and medications and manage next steps.
Dr Shivdev Rao, CEO and Founder of Abridge, told MobiHealthNews that the company felt the tool could have an immediate impact on patients and families, but it took years of research to prepare providers for use.
“It feels like you have an intern working for you, taking notes for you,” he says. “I think the more aspirational vision we started with was this could create value for everyone involved. And so now we have the supplier puzzle, the hardest piece of the puzzle. .”
Rao said the startup plans to use the cash from the Series A-1 to sell, market and partner with suppliers, as well as continue to improve technology.
While the documentation tool can be used for intensive care, he said primary and primary care providers are a particular focus, especially when it comes to exhausted clinician and EHR document burden.
“When you think about the burnout challenge, my heart goes to them first and foremost because they are being asked to do more and more from a documentation perspective and from a payments perspective,” he said. “And they’re also seeing the most patients. A busy family practice clinician may have several thousand patients on their board.”
SNAPSHOT . MARKET
Another AI-powered note-taking assistant for doctors is Suki, Announces $55 million Series C round sponsored last December and $20 million Series RED from March 2020.
Meanwhile, Robin Healthcare’s record-keeping service is also improving $50 million in Series B funding at the end of last year.
Nuance Communications, that Microsoft recently acquired for nearly 20 billion dollars, also provides a clinical documentation tool, Dragon Medical One. Last year, Nuance also buy back SaykaraAI assistant maker named Kara.