Healthcare Startup Abridge Secures $150 Million Funding for AI Model for Clinicians
Healthcare startup Abridge has raised $150 million in a Series C funding round. The funding was led by Lightspeed Venture Partners and Redpoint Ventures. Abridge plans to use the funding for team expansion and the development of purpose-built medical AI models.
Abridge, a healthcare startup specialising in artificial intelligence-powered clinical documentation tools, has successfully raised $150 million in a Series C funding round. The company aims to provide clinicians with advanced AI models to enhance their medical practices. This latest funding round was led by Lightspeed Venture Partners and Redpoint Ventures, and it values Abridge at approximately $850 million.
Founded in 2018, Abridge focuses on automating clinical notes and medical conversations for doctors. The Pittsburgh-based company has established partnerships with renowned hospitals such as the University of Kansas Health System and the Yale New Haven Health System, allowing it to collaborate with thousands of clinicians.
Shiv Rao, CEO of Abridge and a practicing cardiologist, expressed the company's plans to utilise the fresh funding for expanding their team, as well as acquiring and training purpose-built medical AI models. Abridge aims to leverage the expertise of its team and the funding to further enhance its AI capabilities and provide clinicians with cutting-edge tools.
The demand for industry-specific AI models trained with domain expertise is on the rise. Abridge's funding success comes at a time when companies like OpenAI and Hippocratic AI are also making significant strides in developing AI models tailored to the healthcare industry.
With this latest funding round, Abridge has demonstrated its ability to attract investors who recognize the potential of AI in revolutionising healthcare. The company's innovative approach to clinical documentation and its partnerships with leading hospitals have positioned it as a key player in the healthcare AI space.
Abridge's successful funding round of $150 million highlights the growing interest in AI applications within the healthcare industry. With its focus on providing clinicians with advanced AI models, Abridge is well-positioned to drive innovation and improve patient care. The funding will enable the company to expand its team and further develop its purpose-built medical AI models, solidifying its position as a leader in the field.
Healthcare startup Abridge has raised $150 million in a Series C funding round.
The funding was led by Lightspeed Venture Partners and Redpoint Ventures.
Abridge plans to use the funding for team expansion and the development of purpose-built medical AI models.
Source: Reuters