AI Startup Abridge Raises $300 Million in Series E Funding
The AI startup Abridge, known for automating medical notes, has recently secured a $300 million Series E funding round at a valuation of $5.3 billion. This investment, as reported by the Wall Street Journal, was led by Andreessen Horowitz with participation from Khosla Ventures. This comes after Abridge’s successful $250 million funding round in February, which valued the company at $2.75 billion.
Abridge, founded 7 years ago, has established itself as a leader in the AI-powered medical scribe market. Its early entry into the industry and integration with Epic Systems, a prominent health record software, have contributed to its success.
Reports indicate that in the first quarter of this year, Abridge achieved $117 million in contracted annual recurring revenue. This metric includes all signed recurring contracts, even from customers who have yet to be onboarded.
With the latest funding, Abridge has announced its expansion into converting medical notes from patient appointments into AI-powered medical codes. This move puts the company in direct competition with other startups like CodaMetrix and features from its partner, Epic Systems.
According to Abridge, its AI scribe technology is currently utilized by over 150 of the largest health systems in the United States. The company’s CEO, cardiologist Shiv Rao, expressed optimism about the future growth and impact of Abridge in the healthcare industry.
