Toronto-based Wisedocs has secured a $12.7-million CAD Series A round for its artificial intelligence (AI)-powered medical record review platform.
The all-equity round was led by Information Venture Partners, which will gain a seat on the Wisedocs’ board through principal Jane Podbelskaya, and included participation from Thomson Reuters Ventures and ManchesterStory. Wisedocs has secured $21.4 million CAD ($16 million USD) in funding to date, the company told BetaKit in an email statement.
Wisedocs’ AI-powered platform can sort, summarize, and review medical documents, cutting down processing time for insurance companies.
Wisedocs said it plans to use the new funding to invest in growing its team, product, and increasing its sales footprint.
“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,” Podbelskaya said in a statement.
Founded by CEO Connor Atchison and COO Jenna Earnshaw as Bear Health Technologies in 2018, Wisedocs changed its name in 2021 “to cater to a clearer representation” of what it does, Atchison told BetaKit at the time.
The startup’s AI-powered platform can sort, summarize, and review various forms of medical documents including PDFs, JPEG images, and faxes, cutting down processing time for insurance companies.
Wisedocs raised $3.25 million CAD from Toronto’s Ripple Ventures, HaloHealth, and Calgary-based Bluesky Equities between 2018 and 2021, before securing a $4.1-million CAD seed round in March 2022.
RELATED: Wisedocs closes $4.1 million to bring medical document analysis to “entire” insurance ecosystem
After closing the seed round, the company told BetaKit it would use the funding to chase enterprise-level customers in the United States (US), a gambit that seems to have worked in its favour.
Alongside announcing its Series A funding this week, Wisedocs claimed that it “more than doubled its customer base” over the course of 2023. In an email statement to BetaKit, Wisedocs said this means it is now serving 50 customers. Atchison also told Axios that 70 to 80 percent of its client base is in the US, and it may not stop there.
“We’re starting to see traction globally,” Atchison told Axios. “There’s interest in the U.K. There [are] interesting conversations underway in Australia.”
Wisedocs said since launching its automatic summary generating platform in June 2023, further AI products “can be launched” to support insurance carriers, healthcare providers, law firms, and third-party administrators for the claims industry.
“Wisedocs has developed a game changing solution that applies generative AI to insurance claims processing and summarization,” Thomson Reuters Ventures managing director Tamara Steffens said in a statement. “We are excited to work with them to bring this solution to our legal customers.”
UPDATE (01/30/24): This story was updated with information provided by Wisedocs.
Feature image courtesy Wisedocs.
