Abridge Secures $300M Series E Funding, Doubles Valuation to $5.3B in 4 Months: AI-Powered Medical Note Automation Startup Expands into Medical Code Conversion Market
Abridge, the AI-powered medical note automation startup, has secured a $300 million Series E funding round at a $5.3 billion valuation, according to the Wall Street Journal. The round was led by Andreessen Horowitz with participation from Khosla Ventures, following the company's $250 million February fundraise at a $2.75 billion valuation.
The 7-year-old Abridge is widely considered to be the leader in the increasingly crowded AI-powered medical scribe market, largely due to its early entry and integration with Epic Systems, the dominant health record software. In Q1, Abridge reached $117 million in contracted annual recurring revenue, according to The Information last month.
Along with the fundraise, Abridge announced that it is expanding into converting medical notes from patient appointments into AI-powered medical codes, making the company directly competitive with startups like CodaMetrix and a feature from its partner Epic Systems. Abridge, which was founded by cardiologist Shiv Rao, claims that its AI scribe technology is used by over 150 of the largest health systems in the U.S.
The funding will be used to further develop Abridge's AI technology and expand its reach in the medical industry. With this new round of funding, Abridge is poised to continue its growth and leadership in the AI-powered medical scribe market.
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