Abridge, a generative AI platform for clinical conversations, has raised $300 million in Series E funding, bringing its valuation to a reported $5.3 billion.
Andreessen Horowitz (a16z) led the round, with participation by Khosla Ventures.
WHAT IT DOES
Abridge offers an enterprise-grade AI platform that converts medical conversations into clinically functional and billable documentation at the point of care.
The company will use the funds to scale its platform, expand its workforce and develop new products.
"Every medical conversation is rich with the signals our healthcare system depends on. Abridge activates those signals in the background, silently handling the complexity so clinicians can focus on the human moments that matter," Dr. Shiv Rao, CEO and cofounder of Abridge, said in a statement.
MARKET SNAPSHOT
In February, Abridge raised $250 million in Series D funding, bringing its valuation at the time to $2.75 billion.
The company touts that its technology is utilized in more than 150 health systems.
Other companies in the AI medical documentation space include Commure, which last week raised $200 million in growth funding from General Catalyst's Customer Value Fund.
In 2021, Commure raised almost $500 million over two rounds of funding.
In October, Suki, maker of an AI-enabled voice tool for healthcare, raised $70 million in Series D funding, bringing its total raise to $165 million.
Suki secured $55 million in Series C funding in 2021, two years after closing a $20 million Series C funding round.
Microsoft's Nuance also offers a clinical documentation tool, Dragon Ambient eXperience (DAX) Copilot, formerly DAX Express, which uses OpenAI's model GPT-4.