Abridge, a company engaged in generative AI for clinical documentation, has raised an additional investment of $150m in a Series C funding round to accelerate its research and development efforts.
This funding round comes just four months after the company’s $30m Series B round.
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Lightspeed Venture Partners, which led the Series C round, will be joining Abridge’s board.
The investment also saw participation from both new and existing investors, including Redpoint Ventures, IVP, Union Square Ventures, Spark Capital, Bessemer Venture Partners, Mass General Brigham Artificial Intelligence and Digital Innovation Fund, Wittington Ventures, Kaiser Permanente Ventures, and CVS Health Ventures.
With the latest capital, Abridge aims to delve deeper into fundamental research and develop foundational models that utilise extensive multimodal healthcare data.
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These models are expected to enhance the company’s current product offerings and pave the way for future innovations in the sector.
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By GlobalDataIn a related development, Abridge has entered into a new enterprise agreement with Yale New Haven Health System, providing thousands of clinicians with access to its AI-driven clinical documentation tools.
Yale New Haven Health has chosen Abridge to alleviate the administrative burden on clinicians, thereby increasing patient engagement time.
Last year, Abridge launched an automatic speech recognition engine tailored for healthcare.
This technology has been evaluated across 14 languages and supports many more.
Abridge CEO and founder Dr Shiv Rao said: “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. Realising 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.”
Abridge is also exploring new ways to personalise clinical notes, integrate with electronic medical records (EMRs), and provide post-visit insights to clinicians.
