Suki.AI, Founded in 2017, the leader in voice artificial intelligence (AI) technology for health care, and a platform for doctors – much like Google is as a search engine by ex-Google and Flipkart product honcho Punit Soni, has raised Series C funding of $55 million. This funding is to embark on strategic investments that will lead to an expansion of its user base through new, existing partnerships with leading health systems and medical groups while accelerating employee growth and development.
Suki.AI has chalked out business expansion plans in India in the year 2022. “We have hired top product talent in the country, and started an offsite office so we can further touch the Indian market. We look at ourselves as an India and a US company, and more of a global company,” Soni said.
Suki.AI funding parthers, accomplishments and growth plans
- Funding led by March Capital, with support from Philips Ventures
- Exponential power of voice-enabled clinical assistants in healthcare
underscored by significant investor commitment and accelerated company growth - In the last year, Suki has experienced tremendous growth, quadrupling its revenue.
- It continued to rapidly innovate, introducing new capabilities including the ability to dynamically pull in EHR data and a Suki Windows app that extends the reach and power of Suki Assistant to any Windows computer.
- It continued to expand its capabilities outside of clinical documentation, refining its ICD-10 coding features to be more accurate and streamlined.
- The solution reduces documentation time by 76% on average and is used by physicians across dozens of specialties in more than 90 health systems and clinics nationwide.
Suki.Ai plans to advance the AI Capabilities of its Suki Assistant
The startup also plans to advance the AI capabilities of Suki Assistant, its voice-enabled digital assistant, and Suki Speech Platform, its proprietary voice platform, and add new features that streamline documentation, coding, and other administrative tasks for physicians.
“We are at a turning point in healthcare, where it’s now imperative to offer technology that improves physician burnout caused by documentation and administrative burden,” said Punit Soni, CEO of Suki. “With the strong support of our investors, Suki is poised to address this issue at an even larger scale and advance high-value, coordinated care through cutting-edge technology that integrates seamlessly into a physician’s daily practice.”
The healthtech startup had tied up with Google on the business front, and witnessed promising growth potential in the healthcare cloud ecosystem” Punit Soni founder of the company stated that Google hasn’t invested in the company, but they saw deeper partnerships with corporates like Google and Philips.
Suki.Ai uses natural language processing and machine learning to create clinically accurate medical notes and streamlines administrative tasks, such as retrieving patient information from the electronic health record (EHR) or ICD-10 coding.
As a true digital clinical assistant, Suki supports doctors practising in any clinical setting, as well as any specialty, including cardiology, orthopaedics, plastic surgery, ophthalmology, paediatrics, and family medicine.
Providers can use a wide variety of voice commands to complete tasks, further personalising the voice-enabled experience and streamlining workflows.
The Suki.Ai team said “How come healthcare, which contributes five to seven percent of every country’s GDP and is always needed, does not have a single tech company close to the size of Google, Amazon or Facebook?” asks Punit, stating that the largest tech company in the world “has to be in healthcare”.
Speaking on the investment, Wes Nichols, Partner at March Capital, said they were instantly drawn to Suki’s mission to help healthcare organisations lift the administrative burden from doctors so they could focus on taking care of their patients.
“My first exposure to Suki was observing my doctor using his phone to update his EHR and pharmacy, which compelled me to ask him what he was using. He was thrilled with Suki as a user, and I knew I had to meet the founder.
“Doctor burnout is a public health crisis, which makes Suki’s cutting-edge AI-powered voice assistant a game-changing solution for doctors and health systems everywhere. We look forward to working closely with Punit and the Suki team, and applying March’s operational and industry expertise to accelerate Suki’s growth and product innovation,” Wes said.
The funding was led by March Capital, with additional support from Philips Ventures, and all previous investors, including Venrock, Flare Capital, Breyer Capital, and inHealth Ventures.
The round also comprised super-angels, who are leading figures in technology, healthcare, and finance, including Gaingels Group, Pankaj Patel (ex-Chief Development Officer of Cisco), Andrew Deutsch (CEO of RIMA Radiology), and Russell Farscht (former Managing Director of The Carlyle Group).
