Abridge, a generative AI platform for clinical conversations, announced it raised a $250 million Series D investment.
The round was co-led by Elad Gil and IVP, with participation from Bessemer Venture Partners, California Health Care Foundation, CapitalG, CVS Health Ventures, K. Ventures, Lightspeed Venture Partners, NVentures (NVIDIA’s venture capital arm), Redpoint Ventures, Spark Capital and SV Angel.
WHAT IT DOES
Abridge’s enterprise-grade AI platform converts medical conversations into clinically functional and billable documentation at the point of care with the aim of reducing administrative burden and clinician burnout while improving the patient experience.
With EHR integration, support for 28-plus languages and 50-plus specialties, Abridge is used across a wide range of care settings, including outpatient, emergency department and inpatient.
The funds will be used to fuel the development of the company’s AI capabilities and commercial growth to support wider applications.
According to the company, generating comprehensive, billable notes that support proper claims at the point of care “creates administrative efficiencies, reducing costs and freeing doctors to focus more on patient care.”
“The Abridge Contextual Reasoning Engine helps us concentrate more value into our core documentation offering, integrating system and revenue cycle requirements into a sophisticated and orchestrated system of AI models,” Dr. Shiv Rao, Abridge CEO and founder, said in a statement.
“We aspire to serve our health system partners for the decades to come. This investment supports that aspiration, as well as the core research and development that differentiates our approach.”
MARKET SNAPSHOT
Last year, Abridge, Epic and the Mayo Clinic partnered to create a genAI documentation platform that integrates Abridge’s tools into Epic’s EHR for Mayo Clinic nurses.
The tool can also send notes back to EHRs and integrate with telehealth services. The companies will combine Abridge’s AI technology, Epic’s development expertise and Mayo Clinic’s nursing practice knowledge to create the genAI ambient documentation workflow tool.
Abridge also announced a partnership last year with Northern California-based healthcare system Sutter Health. The alliance makes Abridge’s clinical documentation software available to Sutter clinicians.
The software will be directly embedded into Sutter’s Epic EMR system. The aim of the Abridge-Sutter partnership is to reduce provider burnout while improving patient experiences.
Other companies in the AI medical documentation space include Augmedix, a wholly owned subsidiary of Commure, which in January was awarded a contract with Vizient for Augmedix’s AI suite.
Corti is another clinical documentation company. Lars Maaløe, chief technology officer and cofounder of Corti, joined HIMSS TV to discuss the company’s provider-facing AI technology, which can help with clinical documentation by providing real-time feedback while listening to healthcare communications.
In 2023, Teladoc Health expanded its collaboration with Microsoft to integrate the tech giant’s AI solutions into its platform that allows providers to automate clinical documentation creation during virtual exams.
The virtual care company integrated Microsoft Azure OpenAI Service, Azure Cognitive Services, and conversational and ambient clinical documentation solution Nuance Dragon Ambient eXperience (DAX) into Teladoc Health Solo. Solo is an enterprise platform that can be integrated into existing IT systems to offer virtual care.
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