The Toronto Wisedocs, a provider of machine learning software-as-a-service (SaaS) for the review, indexing, and summarization of medical records, recently announced that it has closed Series A financing that was oversubscribed by $12.7M CAD ($9.5M USD). In addition to Information Venture Partners, an early-stage B2B fintech investment firm, Thomson Reuters Ventures and ManchesterStory are also leading the Series A.
Connor Atchison, Founder and Chief Executive Officer of Wisedocs, asserts, “Our most recent technological advancements have been validated by this latest funding round. The ecosystem for claims has historically operated in silos and at a snail’s pace. Wisedocs facilitates enhancements in automation, intelligence, and centralization, which collectively contribute to the optimisation of the claims process for organisations, their personnel, and claimants.
This funding round follows the successful, oversubscribed $4.1M Seed round that Wisedocs completed in 2022. The Series A facilitates the expansion of Wisedocs’ product line, workforce, and sales territories. In 2022, Wisedocs commenced operations in the United States, subsequently establishing a new headquarters in Florida to provide assistance to an expanding clientele in the country. Wisedocs is positioned for exponential development in 2024, building on its prosperous 2023, during which the organisation more than doubled its clientele and experienced an astounding 3.5X growth rate.
Investor and newest board member of Wisedocs Jane Podbelskaya of Information Venture Partners states, “We are proud to lead Wisedocs’ Series A round,”“The unique way in which the company is applying AI to analyze medical claims, an overwhelming demand for Wisedocs’ solution from various insurance industry players, and the CEO’s noble mission to improve lives of insurance claimants is what makes us particularly excited about this company. This round enables its continued growth and expansion.”
By constructing its most recent product portfolio using cutting-edge Generative Artificial Intelligence (AI), the organisation empowers the entire claims ecosystem to effectively oversee the claims process through an intelligent technology platform. The utilisation of Large-Language Models (LLMs) is critical for the comprehension, analysis, and production of medical record content by Wisedocs. Additional artificial intelligence products can be developed to assist insurance companies, healthcare providers, legal firms, and third-party administrators (TPAs) in the claims sector following the introduction of its revolutionary Summaries platform in 2023.
“Wisedocs has developed a game changing solution that applies generative AI to insurance claims processing and summarization,” said Tamara Steffens, managing director of Thomson Reuters Ventures. “We are excited to work with them to bring this solution to our legal customers.”
Manual, time-consuming procedures have long plagued the insurance sector, adversely affecting claimants and the claims ecosystem as a whole, including medical practices, legal teams, and insurance companies.
“The insurance industry knows the plight of their practice and workers, as well as their claimants as it pertains to processing claims effectively, efficiently, and accurately,” says Matt Kinley, Founding Partner at ManchesterStory.“It is no surprise that Wisedocs has successfully integrated its AI technology into the claims ecosystem at such a fast adoption rate. Its technology is a welcome change to how claims are processed.”
Wisedocs expanded from facilitating exponential customer engagement to assisting with every aspect of the claims process through the development of a platform that enables extensive medical records to be viewed, searched, filtered, and summarised via AI timeline. This facilitates the expeditious and precise processing of claims on a secure platform.
Source – workcompwire
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