Suki Secures $70 Million in Series D Funding to Expand AI-Powered Healthcare Solutions

Suki Secures USD 70 Million to Expand AI Healthcare Solutions

Suki, an Artificial Intelligence (AI) technology company that provides AI voice solutions for healthcare, has raised USD 70 million in a Series D round, bringing its total funding to USD 165 million. The latest round, led by Hedosophia with substantial additional investment from Venrock and other existing investors, including March Capital, Flare Capital, Breyer Capital, and inHealth Ventures, will drive product development, commercial initiatives, and leadership expansion. Also Read: Affineon Health Launches AI Platform to Streamline Healthcare Admin Tasks Suki plans to use the new investment to accelerate product development and expand beyond its current offerings. Its AI-powered solutions include Suki Assistant, an AI assistant that streamlines administrative tasks for clinicians, and the Suki Platform, a suite of developer tools for technology partners building AI experiences in their solutions. Suki claims its Assistant helps clinicians save time on tedious administrative tasks by generating notes ambiently, taking dictation and commands, simplifying coding, and answering clinical questions by retrieving relevant chart data from the EHR (electronic health record). "Suki has been growing at an exponential rate, with over a dozen major health systems and hospitals deploying or expanding access to Suki in the last two months alone," the company said. "We are in a new phase of growth. The healthcare industry is clamoring for AI and we are proud to offer a suite of full-featured solutions that seamlessly interoperate with existing tools," said Punit Soni, CEO and founder of Suki. "With the support of our investors, we'll accelerate our growth, diversify Suki's capabilities, and deepen relationships with strategic partners such as MedStar Health, one of the most important collaborators in Suki's history. MedStar Health was fundamental in helping us build essential capabilities including our bidirectional and seemingly 'invisible' EHR integration, which is why we have the highest clinician adoption rates in the industry. Together, we have demonstrated how a technology company and health system can meaningfully innovate together and advance physician well-being and patient care." The platform integrates with EHR systems like Epic, Oracle Cerner, and Meditech, allowing for faster documentation and improved workflow efficiency. The company also collaborates with Athena. According to Suki, the Assistant's ability to reduce documentation time by 72 percent has led to a 70 percent adoption rate across health systems. "Health systems experience note completion up to 72 percent faster while increasing documentation quality, improving clinician well-being, and enhancing revenue capture," the company said. "Since our seed investment in Suki, the company has grown exponentially by securing strategic partnerships with leading health systems and healthtech companies, and demonstrating meaningful impact to all stakeholders, from clinicians to administrators," said Bryan Roberts, Partner at Venrock. "Suki is well on its way to becoming the de facto AI platform for healthcare and we are proud to support it as it continues its rapid growth." Also Read: AI Fund Makes First Investment in India, Backs Healthcare Startup Jivi: Report Additionally, Suki has expanded its strategic partnership with MedStar Health. This agreement makes Suki's Assistant available to thousands of MedStar Health clinicians across various ambulatory specialties, including primary care, cardiology, and gastroenterology, as well as in urgent care settings. "As MedStar Health explores and deploys artificial intelligence capabilities that can revolutionise healthcare delivery, Suki has served as a critical partner in our ongoing journey for more than four years," said Jeff Collins, vice president of the MedStar Institute for Innovation Business Innovation Lab. Recent announcements highlight partnerships with health systems (Ascension Saint Thomas, St. Mary's Hospital, Decatur County Memorial Hospital), healthcare technology companies (Meditech, Amwell), and group purchasing organisations (Premier, omo), according to Suki.

Suki raises $70M for its healthcare-focused AI assistant - SiliconANGLE

Suki AI Inc., a startup with an artificial intelligence assistant for healthcare professionals, has raised $70 million in funding to enhance its technology. London-based fund Hedosophia led the Series D investment. Suki said in its announcement of the deal today that Venrock, March Capital, Flare Capital, Breyer Capital and inHealth Ventures participated as well. The software maker is now reportedly worth more than $500 million. Ahead of a doctor's appointment, physicians often review medical information from the patient's electronic health record. Suki says that its AI assistant can automatically retrieve that information to save time. The Suki Assistant, as the software is called, does so using built-in integrations with several popular health record management applications. The software promises to ease physicians' work not only before but also during appointments. Using a built-in speech recognition feature, Suki AI collects medical information and automatically generates notes. The company says that the capability speeds up the note-taking process by up to 72%. Suki AI streamlines a number of related tasks as well. After a physician approves an AI-generated medical note, the software can automatically add the text to the patient's electronic health care. It thereby avoids the need for manual data entry. Suki AI likewise reduces some of the manual work involved in entering medical information into forms. Clinicians use a framework called ICD-10 to share medical information. The framework makes it possible to describe a patient's condition using standardized codes, which are easier to manage from a database administration standpoint than natural language notes. Suki AI can automatically analyze medical notes and find the corresponding ICD-10 codes to save time for clinicians. Under the hood, the software is powered by a large language model optimized to process medical information. Suki says that the LLM is supported by a repository of structured data drawn from more than one million patient records. That data spans over 35 medical specialties. Alongside Suki Assistant, the company provides a developer tool called the Suki Platform. It allows software teams to integrate the AI capabilities that underpin Suki Assistant into their own applications. Suki says that its technology is drawing significant interest from healthcare institutions. In conjunction with today's funding announcement, the company disclosed that Maryland-based MedStar Health is rolling out Suki AI to thousands of clinicians. Additionally, more than a dozen other healthcare providers have either signed up for the software or expanded their existing deployments in recent two months.

Healthcare startup Suki raises $70 million to build AI assistants for hospitals

(Reuters) - Suki, a startup that offers to build artificial intelligence (AI) assistants in healthcare, has raised $70 million in a Series D round, the company told Reuters, as investors place bets on the adoption of generative AI-powered applications in the sector. The funding round was led by London-based tech investment firm Hedosophia, with additional investments from Venrock and March Capital. This brings Suki's total funding to $165 million. Redwood City, California-based Suki did not disclose its valuation, but a person familiar to the funding round said the latest proceeds valued the company at about $500 million. Founded in 2017 by former Google and Flipkart executive Punit Soni, Suki develops AI voice assistant to reduce the administrative workload for healthcare providers. Its primary products Suki Assistant and Suki Platform have seen increased adoption since the boom of OpenAI's ChatGPT, as healthcare systems across the country explore how the technology can better aid doctors' clinical work. "When the AI trend kicked in, every health system wanted to have an AI strategy," Soni said, adding that the company has built proprietary tech stack by being in the space early. The company capitalized on the demand, saying it now has established partnerships with more than a dozen health systems. Suki also touts the broadest integration of Electronic Health Record systems (EHRs), working with Epic, Oracle-owned Cerner, Athena, as well as MEDITECH. Soni said the latest funding will be used to accelerate product development, adding more features to the assistant and build tools to manage the use of multiples AI models. Suki competes with Microsoft-owned Nuance, whose Dragon Medical One is widely used for its speech recognition and clinical documentation, as well as other startups such as Abridge, which has raised $150 million from VC investors to train medical AI models. (Reporting by Krystal Hu in New York; Editing by Sherry Jacob-Phillips)

Suki Notches $70 Million for AI Healthcare Platform | PYMNTS.com

Healthcare AI firm Suki says it has raised $70 million in new funding. The funding will allow the company to invest in development of its products, which include an artificial intelligence (AI)-powered voice assistant used by clinicians, the company announced in a news release Thursday (Oct. 10). "The healthcare industry is clamoring for AI and we are proud to offer a suite of full-featured solutions that seamlessly interoperate with existing tools," Suki founder and CEO Punit Soni said in the release. "With the support of our investors, we'll accelerate our growth, diversify Suki's capabilities, and deepen relationships with strategic partners such as MedStar Health, one of the most important collaborators in Suki's history." As noted here when Suki raised $20 million in 2018, the company's assistant is designed to do things like replacing transcription of notes and orders, and retrieve patient data. In addition to the Suki Assistant, the company also offers the Suki platform, which it describes as a suite of developer tools for tech firms that want to add AI to their own solutions. The company says more than a dozen major health systems and hospitals either deployed or expanded access to its technology in the last two months. The funding comes at a time when AI is making inroads in the clinical space through advanced note-taking systems. As PYMNTS wrote in August, these tools employ natural language processing and speech recognition to transcribe and analyze patient-clinician interactions. "By automating clinical workflow activities, including clinical documentation, coding, prior authorizations and medication reconciliation, providers can focus a greater portion of their time on the patient, rather than splitting their attention between the patient and paperwork," Brad Boyd, national healthcare industry co-leader at BDO USA, told PYMNTS. The shift could be critical in dealing with healthcare's labor shortages, particularly in the primary care space. "The primary care relationship has been eroding over the past several years, with patients turning to retail health and urgent care providers given their need for timely medical care," Boyd said. Ciba Health CEO and founder Dr. Innocent Clement spotlighted additional benefits. "AI-powered clinical note generation can enhance doctor-patient interaction, improve accuracy and empower patients to take a more active role in their healthcare through transparent access to their medical information," Clement told PYMNTS.

Healthcare startup Suki raises $70 million to build AI assistants for hospitals

Oct 10 (Reuters) - Suki, a startup that offers to build artificial intelligence (AI) assistants in healthcare, has raised $70 million in a Series D round, the company told Reuters, as investors place bets on the adoption of generative AI-powered applications in the sector. The funding round was led by London-based tech investment firm Hedosophia, with additional investments from Venrock and March Capital. This brings Suki's total funding to $165 million. Advertisement · Scroll to continue Redwood City, California-based Suki did not disclose its valuation, but a person familiar to the funding round said the latest proceeds valued the company at about $500 million. Founded in 2017 by former Google and Flipkart executive Punit Soni, Suki develops AI voice assistant to reduce the administrative workload for healthcare providers. Its primary products Suki Assistant and Suki Platform have seen increased adoption since the boom of OpenAI's ChatGPT, as healthcare systems across the country explore how the technology can better aid doctors' clinical work. Advertisement · Scroll to continue "When the AI trend kicked in, every health system wanted to have an AI strategy," Soni said, adding that the company has built proprietary tech stack by being in the space early. The company capitalized on the demand, saying it now has established partnerships with more than a dozen health systems. Suki also touts the broadest integration of Electronic Health Record systems (EHRs), working with Epic, Oracle-owned Cerner, Athena, as well as MEDITECH. Soni said the latest funding will be used to accelerate product development, adding more features to the assistant and build tools to manage the use of multiples AI models. Suki competes with Microsoft-owned Nuance, whose Dragon Medical One is widely used for its speech recognition and clinical documentation, as well as other startups such as Abridge, which has raised $150 million from VC investors to train medical AI models. Reporting by Krystal Hu in New York; Editing by Sherry Jacob-Phillips Our Standards: The Thomson Reuters Trust Principles., opens new tab Krystal Hu Thomson Reuters Krystal reports on venture capital and startups for Reuters. She covers Silicon Valley and beyond through the lens of money and characters, with a focus on growth-stage startups, tech investments and AI. She has previously covered M&A for Reuters, breaking stories on Trump's SPAC and Elon Musk's Twitter financing. Previously, she reported on Amazon for Yahoo Finance, and her investigation of the company's retail practice was cited by lawmakers in Congress. Krystal started a career in journalism by writing about tech and politics in China. She has a master's degree from New York University, and enjoys a scoop of Matcha ice cream as much as getting a scoop at work.