The Series B round led by Spark Capital values 5-year old Abridge, which is used by 5,000 doctors, at $200 million. But it's up against Nuance, which Microsoft bought for $18.8 billion and is used by half a million doctors.ince he was a pediatrician-in-training, Alistair Erskine has dreaded the process of writing down all the tiny details of every patient visit needed to meet various medical record, legal and billing requirements.
The Pittsburgh-based company got its start with a free app that has been used by 500,000 patients since 2019 to record their doctor’s visit and generate a transcript with basic explanations of key terms.
And with around a million doctors in the U.S., it’s a big market. In the hospital of the future, having a robot medical scribe listening to patient exams will be a basic, expected function, said Sharon Hakkennes, a healthcare analyst at Gartner. “What I see happening amongst these vendors is the ambient scribe becomes kind of the foundational capability,” she said.
The Epic relationship will be an important factor as Abridge looks to compete not just with Nuance but also with other startups, said Will Reed, a general partner at Spark Capital. But there are a couple of other things that set Abridge apart, he said. One is a core function of the tech stack meant to mitigate “hallucinations,” where large language models insert things that sound real but are actually made up.
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