Clinical documentation company Abridge raises $150M to build out its generative AI models

Steven Loeb · February 23, 2024 · Short URL:

The company solution records and creates reports for the most important part of doctor appointments

Abridge is the developer of a generative AI solution that records and highlights the most important part of doctor appointments for patients, while also automatically creating a draft note of the conversation in the standardized format for doctors to review. The idea is to help patients better understand the details of the appointments, while also making it easier for doctors to review and understand what's happening with their patients. 

Now the company is going to make its generative stronger thanks to an additional $150 million investment which was announced on Friday. 

This new funding, which comes just four months after Abridge raised its $30 million Series B, was led by Lightspeed Venture Partners and Redpoint Ventures, with participation from IVP, Spark Capital, Union Square Ventures, Bessemer Venture Partners, Wittington Ventures, Mass General Brigham Artificial Intelligence and Digital Innovation Fund, Kaiser Permanente Ventures, and CVS Health Ventures.

With this new capital, Abridge says it will continue to push its fundamental research, developing bedrock foundation models that draw upon multimodal healthcare data, and which will power improvements to both Abridge’s existing, as well as its future, product lines.

In conjunction with the funding. Lightspeed Venture Partners is joining the Board of Directors at Abridge. 

Founded in 2018, and launched in 2020, Abridge's initial product was aimed at patients, using machine learning to give users a transcript of the medical parts of their appointments, highlighting important definitions and takeaways, such as what next steps a patient is supposed to take, or instructions on how to properly take their medication. 

Its enterprise solution, meanwhile, breaks down the conversation into different headings including social history, which can include the patient's alcohol usage and smoking; diagnostics and appointments, including when and where the patient should be going for follow-ups; and medications that the physician prescribed during the visit. 

The company's dataset is derived from more than 1.5 million medical encounters, and Abridge has already helped more than 2,000 clinicians with their enterprise solutions.

In recent implementations, over 91% of notes across over 40 specialties were drafted solely with their AI, requiring minimal input from the clinician.

Along with the new funding round Abridge also announced a new enterprise agreement with the Yale New Haven Health System, the largest healthcare system in Connecticut, which will give thousands of clinicians access to Abridge for clinical documentation.

The initial deployment will be focused on reducing the cognitive burden of clinical documentation, enabling clinicians to spend more face-to-face time engaging with patients instead of computers.

“We are grateful to be partnering with iconic institutions that share our dedication to improving the lives of patients and clinicians,” Dr. Shiv Rao, CEO and founder of Abridge, said in a statement.

“This company was founded on the premise that clinician-patient conversations are at the core of all healthcare. Already, this information is powering a revolution in AI-based documentation. In the future, it will open new pathways to improve patient outcomes. Realizing this vision requires world-class talent and formidable compute resources. We are now uniquely positioned to build the AI platform that brings this vision to life.”

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