Hippocratic AI secures $53M, bringing valuation to $500M
21 Mar 2024
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Source: mobihealthnews
Photo: filadendron/ Getty Images
Safety-focused large language model company Hippocratic AI announced the closing of an oversubscribed $53 million Series A funding round, bringing its total raise to $120 million.
The funding brings the valuation of the company to $500 million.
The round was co-led by General Catalyst and Premji Invest, with participation from Memorial Hermann Health System and SV Angel.
Additional investors include Bio + Health, Andreessen Horowitz, Cincinnati Children’s Hospital, Universal Health Services and Wellspan Health.
Hippocratic AI also announced the release of its first product, a digital staffing marketplace where health systems can “hire” generative AI assistants. AI agents will be tasked with low-risk, non-diagnostic, patient-facing tasks. The marketplace will undergo phase three testing with providers assisting in the testing phase.
Phase three testing requires the testing to be completed by 5,000 licensed nurses and 500 licensed physicians.
WHAT IT DOES
Hippocratic AI's generative AI solution focuses on nondiagnostic healthcare tasks such as medication onboarding and monthly reconciliation, hospital and payor policy questions, plus EHR assistance.
The goal of Hippocratic AI’s solution is to reduce healthcare system costs and to help solve nursing, social worker and nutritionist shortages.
The company recently launched a nurse advisory council to ensure the safe development of LLM software.
It says the new capital will be used to fund phase three safety testing and further product development.
"Since the founding of Hippocratic AI a year ago, the company trained its foundational model, achieved a key safety threshold, identified novel use cases to solve the healthcare staffing crisis and established partnerships with 40 health systems, payors and digital health companies," Hemant Taneja, CEO and managing director at General Catalyst, said in a statement.
Hippocratic AI has grown rapidly due to sound execution and strategy while prioritizing safety. The company is a leading standard of radical collaboration at work and will play a critical role in transforming our healthcare system to make it more proactive, affordable, and equitable."
MARKET SNAPSHOT
The Series A is Hippocratic AI’s second funding round in the span of a year. The company launched with $50 million in May.
Hippocratic AI is the latest company formed by cofounder and CEO Munjal Shah.
The California-based company was founded last year by a team of various healthcare professionals from John Hopkins, Nvidia, Washington University in St. Louis, El Camino Health, UPenn, Stanford and Google.
Shah also founded Like.com, another company in which Andreessen Horowitz invested. Other companies include Health Equity Labs, which develops a FICO-type health score, and Health IQ, California-based AI-enabled platform.
Health IQ filed for Chapter 7 in August of 2023. The company also saw investment from Andreessen Horowitz.
A Forbes article published last year alleged Health IQ left millions of dollars of invoices on the hook after declaring bankruptcy. Shah left the company in January 2022.
Tags: Hippocratic AI, General Catalyst, Andreesen Horowitz, digital health startups, health iq, Munjal Shah
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