Pittsburgh artificial intelligence firm Abridge AI Inc. has won another $150 million investment to help it scale up across the United States.
The company completed a $30 million Series B funding round late last year. This new investment is a Series C investment that was led by Lightspeed Venture Partners plus co-leads Redpoint Ventures and others including IVP, Spark Capital, Union Square Ventures, Bessemer Venture Partners, Wittington Ventures, Mass General Brigham Artificial Intelligence and Digital Innovation Fund, CVS Health Ventures and Kaiser Permanente Ventures. It raised $20 million in 2020, two years after it was founded.
Abridge’s technology creates medical transcription and clinical documentation from patient-physician visits, allowing doctors to spend more time with patients and less time filling out paperwork. That’s being developed and expanded with the rise of generative AI along with the next-generation speech recognition in a health system.
The firm said it will use the funding to create more models to extract data from data for its existing and potential new products.
“Freeing doctors from the burden of documentation will dramatically improve both quality of care and the doctor-patient relationship,” said Lightspeed Venture Partners Adviser Paul Ricci. “Abridge will allow caregivers to capture an enormous amount of data that is currently being discarded or ignored, and that in turn will likely lead to new insights in managing population health.”
Abridge also announced it had reached an agreement with the Yale-New Haven Health System, based in New Haven, Connecticut, to use Abridge as its generative AI partner and give its doctors Abridge products for documentation.
“This company was founded on the premise that clinical-patient conversations are at the core of all health care,” said Dr. Shiv Rao, who is CEO and who co-founded Abridge.
