Abridge has rapidly expanded, raising $700 million in 18 months and raising its valuation from $850 million to $5.3 billion. The startup, providing AI software to transcribe patient-doctor conversations, plans to allocate 80% of its funding to enhance its technology and expand services into areas like clinical notes and care management. The remaining 20% is reserved for acquisitions, which are crucial given increasing competition, particularly with Epic launching its own AI scribing tool amid a strong competitive landscape.
Abridge, which builds AI-powered software to transcribe and summarize patient-doctor conversations, landed a $300 million round in June led by Andreessen Horowitz. It was its second mega-raise in four months; the company had raked in a $250 million round in February.
In 18 months, Abridge has raised $700 million in total and boosted its valuation from $850 million to $5.3 billion.
Abridge CEO and cofounder Dr. Shiv Rao stated, 'We've got a lot of money in the bank, and we want to spend 80% of it just going deeper, and expanding from connecting conversations to clinical notes into claims, clinical decision support, and care management.'
With 80% of its cash reserved for doubling down on its tech, Abridge is earmarking the remaining 20% for potential acquisitions, Rao said.
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