Healthcare startup Abridge tops $5 billion valuation
Healthcare firm
Abridge
, which uses
artificial intelligence
to build medical documents, has raised $300 million at a $5.3 billion valuation, it said on Tuesday.
The latest funding round, aimed at improving revenue cycles and bridging the gap between clinicians and billing teams, was led by venture capital firm
Andreessen Horowitz
- also known as A16z - with participation from
Khosla Ventures
.
Startups that leverage AI have received ample interest from venture capital firms since last year, with large-scale funding rounds and steep valuations driving an otherwise muted private market.
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Search startup Glean was valued at $7.2 billion in a $150 million financing round earlier in this month, led by asset manager Wellington Management.
Andreessen Horowitz has made big bets on AI and seeks to raise $20 billion, the largest fundraise in its history, to capitalize on global investor interest in U.S. artificial intelligence companies.
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Founded in 2018, Pittsburgh-based Abridge automates clinical notes and medical conversations for doctors using AI.
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"While the healthcare system has evolved over the last 30 years, the one constant has been rising costs and the growing burden on clinicians and patients alike," said David George, general partner at A16z, adding that Abridge addresses these particular issues.
Abridge also said it is partnering with over 150 enterprise health systems across the U.S.
The latest fundraise comes after Abridge raised $250 million earlier this year, co-led by investor Elad Gil, known for his bets in fintech firm
Stripe
and venture capital firm
IVP
.
The firm was valued at $850 million after a funding round last year where it raised $150 million.
It also announced the expansion of its platform last week to farther inpatient care and streamline outpatient orders.
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