Abridge, a pioneer in the field of generative AI for clinical documentation, has successfully closed its Series B funding round with a substantial investment of $30 million. The funding round was led by Spark Capital, with participation from existing investor Bessemer Venture Partners and several distinguished healthcare innovators. Notable contributors include CVS Health Ventures, Kaiser Permanente Ventures, Lifepoint Health, Mayo Clinic, SCAN Group, UC Investments (University of California), and the American College of Cardiology. This significant investment will facilitate the expansion of Abridge's AI technology across large healthcare systems and accelerate product enhancements to deliver increased value to patients, healthcare professionals, and healthcare systems.
Will Reed, a General Partner at Spark Capital specializing in growth stage AI investments, expressed the firm's pride in leading this industry-defining investment in Abridge.
He cited the decision to invest in Abridge as driven by their remarkable AI expertise, commitment to designing solutions within deep clinical workflows, and the resoundingly positive feedback from customers.
Abridge's groundbreaking software leverages a proprietary AI pipeline to instantly transform patient-clinician conversations into structured clinical note drafts. By automating this process, Abridge's solution has been proven to save clinicians over two hours per day, relieving them of administrative burdens that previously impeded patient interactions and work-life balance. Recent implementations have seen over 91% of clinical notes across more than 40 specialties being drafted exclusively with the assistance of Abridge's AI, with minimal input required from clinicians. The solution is underpinned by trust and auditability, offering quick access to source data for any AI-generated summary.
Dr. John D. Halamka, President of the Mayo Clinic Platform, shared his perspective on Abridge's mission, emphasizing the need to enable clinicians to focus on patients rather than juggling documentation tasks. Scott Joslyn, Chief Innovation Officer of UCI Health (University of California Irvine), expressed their dedication to enhancing operational efficiency and simplifying documentation for healthcare professionals. The investment in Abridge reflects UCI Health's commitment to achieving these goals and addressing clinician burnout.
Notably, Abridge's solution recently earned recognition from Epic, making it the first "Pal" in Epic's "Partners and Pals" program. This deep integration into Epic's clinical workflows empowers clinicians to seamlessly incorporate real-time, structured summaries of patient conversations. Successful deployments have already occurred in several healthcare systems, including The University of Kansas Health System, UPMC, and Emory Healthcare.
Vijay Patel, Managing Partner and Co-founder of CVS Health Ventures, commended the enthusiasm of clinicians using Abridge and looked forward to collaborating with the company across various clinical use cases, including primary care.
Dr. Shiv Rao, co-founder and CEO of Abridge, expressed his gratitude for the investment and support received from these iconic institutions.
He described it as a game-changer for Abridge, one that dramatically accelerates their efforts to address critical issues faced by healthcare systems. The overarching goal is to maintain empathy and humanity in healthcare by enabling clinicians to be more present with their patients.
Abridge is the leading company in generative AI for healthcare, focusing on summarizing medical conversations in real-time for providers, payers, and patients within the medical record. By producing note drafts that accelerate clinical documentation, Abridge allows healthcare professionals to dedicate more time to patient care and less to administrative tasks. With seamless integration into leading EHRs, Abridge streamlines documentation, coding, and care management. Powered by explainable AI, Abridge is the only company that aligns AI-generated summaries with ground truth, promoting quick trust and validation of recommendations. Thousands of doctors across health systems use Abridge's technology to combat burnout and enhance patient care. The company is supported by prominent investors, including Bessemer Venture Partners, CVS Health Ventures, KdT Ventures, Lifepoint Health, Mayo Clinic, Pillar Capital, SCAN Group, Spark Capital, UC Investments (University of California), Union Square Ventures, Wittington Ventures, and the American College of Cardiology.