The funding will expand Abridge’s healthcare systems and further enhance its technology.
Abridge, a Pittsburgh-based startup specializing in generative AI for clinical documentation, has recently secured US$30 million in its Series B funding round. The investment is spearheaded by Spark Capital, with continued support from Bessemer Venture Partners and new contributions from a consortium of healthcare leaders including CVS Health Ventures, Kaiser Permanente Ventures, Lifepoint Health, Mayo Clinic, SCAN Group, UC Investments (University of California) and the American College of Cardiology.
The funding will be channeled towards enhancing Abridge’s impact on health systems and advancing product development to benefit patients, clinicians and health systems.
Building on past success
The Series B funding follows an earlier infusion of capital in August 2022, where Abridge raised US$12.5 million in Series A-1 funding. That round was led by Wittington Ventures and joined by returning investors such as Union Square Ventures, Bessemer Venture Partners, Pillar Venture Capita and UPMC Enterprises, demonstrating the continued trust and expectations in Abridge’s trajectory and offerings.
Transformative technology in clinical documentation
Abridge’s software is recognized for its pioneering software that converts the spoken exchanges between patients and clinicians into structured, AI-generated clinical note drafts. The technology’s real-time capabilities and deep learning algorithms offer healthcare providers a way to significantly reduce administrative burdens. Impressively, the platform has been shown to alleviate over two hours of administrative workload from clinicians daily, enabling them to dedicate more time and attention to patient care.
Recent deployments have demonstrated that over 91% of clinical notes across more than 40 specialties were effectively drafted by the AI, with minimal clinician input needed. The software prioritizes trust and auditability, enabling quick reference to the original conversation data for any AI-generated summary.
Endorsements and partnerships bolster growth
The investment round has drawn enthusiasm from prominent healthcare industry leaders. Will Reed of Spark Capital praised Abridge’s AI expertise and strong customer feedback. Dr. John D. Halamka from Mayo Clinic expressed alignment with Abridge’s mission to free clinicians from documentation tasks, enhancing patient care. Scott Joslyn from UCI Health echoed these sentiments, citing Abridge’s role in improving operational efficiency and combating clinician burnout.
Integration with major health systems
In a notable collaboration announced in August 2023, Abridge has become the first “Pal” in medical software company Epic’s “Partners and Pals” program, allowing deep integration into Epic’s clinical workflows. This partnership streamlines the implementation process, as evidenced by successful deployments at several health systems, including The University of Kansas Health System, University of Pittsburgh Medical Center (UPMC) and Emory Healthcare.
Expanding clinical use cases
The investment also supports the expansion of Abridge’s applications across various clinical settings, such as primary care, highlighting the potential for broader healthcare innovations. Vijay Patel, managing partner and co-Founder of CVS Health Ventures, commended the thousands of clinicians already utilizing Abridge and emphasized the mutual commitment to healthcare innovation.
Fostering empathy and humanity in healthcare
Abridge’s co-Founder and CEO, Dr. Shiv Rao, acknowledged the shared vision of their diverse partners to retain the core values of empathy and humanity in healthcare. The partnership aims to enable clinicians to focus more on patient interaction and less on administrative tasks, further emphasizing the company’s role in revolutionizing clinical documentation and enhancing the healthcare experience.
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Press release link: https://www.businesswire.com/news/home/20231026850279/en/Abridge-raises-30M-to-Accelerate-Adoption-of-its-Proven-Generative-AI-Solution-across-U.S.-Healthcare-Systems
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