AI Startup ScribeNote Secures $8.2 Million in Funding Round Led by Andreessen Horowitz

AI Startup Scribenote Raises $8.2 Million in Andreessen Horowitz-Led Funding Round

(Reuters) - Scribenote, a startup that uses AI to generate medical records for veterinarians, said on Monday it has raised $8.2 million in an early-stage funding round led by venture capital firm Andreessen Horowitz. The fundraise also saw participation from venture capital firm Inovia Capital and Velocity Fund, which invests in early-stage startups. It wasn't immediately clear at what valuation the funds were raised. Startups deploying artificial intelligence have seen strong investor interest this year, with five such companies raising more than $1 billion in 2024. Generative AI heavyweight OpenAI is also in talks to raise $6.5 billion in a funding round that would value the company at $150 billion. Scribenote, founded in 2019, uses artificial intelligence to automate documentation of medical records for veterinarians. It has automated more than 1.5 million medical records in less than a year, the company said. In March this year, Reuters reported Andreessen Horowitz was nearing a $7 billion fund that would target startups in multiple industries, including AI. It participated in the $6-billion series B funding of Elon Musk's AI startup xAI in May. (Reporting by Rishi Kant in Bengaluru; Editing by Leroy Leo)

AI start-up Scribenote lands $8.2m to help vets keep records

From left: Emily Merry, Dr Katie Gallagher, Dobby the dog, Alina Pavel and Ryan Gallagher. Image: Scribenote The start-up, which aims to fight burnout among veterinarians, will use the funding to further develop its AI technology. Scribenote, an AI-powered medical scribe for veterinarians, has just raised $8.2m in a funding round led by Andreessen Horowitz (A16z). The start-up's multimillion-dollar round also included support from Inovia Capital, the Velocity Fund, and a line-up of angel investors. Founded in December 2019 in Canada, the app records conversations between veterinarians and clients, and uses AI to automatically generate medical records and dental charts in just minutes. CEO and co-founder Ryan Gallagher came up with the idea when he noticed his sister Katie, a small animal vet, consistently working late to catch up on medical records. After shadowing her at the clinic, he realised that capturing detailed discussions with clients in real time could help eliminate the additional workload that comes with documenting and updating medical records. He co-founded the company with his sister, along with Alina Pavel and Emily Merry. "Scribenote is not just about saving time; it's about improving the quality of veterinary care and the lives of those who provide it," said Gallagher. "By automating the documentation process, we're enabling veterinarians to focus more on their patients and less on paperwork." The company said its AI Scribe product has already automated over 1.5m medical records, saving vets up to two hours of work per day. The new funding will allow Scribenote to further develop its AI technology and expand its platform. The start-up also wants to create personalised AI scribes for each veterinarian and build an intelligent platform for editing and finalising records. Olivia Moore, partner at a16z, said she's excited to partner with Scribenote on its mission to improve the lives of vets. "As the market-leading AI scribe for veterinarians, Scribenote automates burdensome documentation requirements, so vets can focus on the parts of the job they love," she said. "The Scribenote team has deep empathy for the daily challenges veterinarians face and a hands-on understanding of their workflow." Scribenote is just one of the many AI-focused start-ups A16z has set its sights on. In July of this year, the venture capital firm led a $130m funding round for Hebbia, which has developed s product that allows users to build AI agents that complete end-to-end tasks. The VC also co-led an $80m round into AI voice generator ElevenLabs at the start of the year. Don't miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic's digest of need-to-know sci-tech news.

AI startup Scribenote raises $8.2 million in Andreessen Horowitz-led funding round

It wasn't immediately clear at what valuation the funds were raised. Startups deploying artificial intelligence have seen strong investor interest this year, with five such companies raising more than $1 billion in 2024. Generative AI heavyweight OpenAI is also in talks to raise $6.5 billion in a funding round that would value the company at $150 billion. Scribenote, founded in 2019, uses artificial intelligence to automate documentation of medical records for veterinarians. It has automated more than 1.5 million medical records in less than a year, the company said. In March this year, Reuters reported Andreessen Horowitz was nearing a $7 billion fund that would target startups in multiple industries, including AI. It participated in the $6-billion series B funding of Elon Musk's AI startup xAI in May. (Reporting by Rishi Kant in Bengaluru; Editing by Leroy Leo)