Hippocratic AI said it raised $53 million in a Series A funding round that brings its valuation to $500 million.
The generative artificial intelligence company said its goal for the funding round was $30 million and the round being oversubscribed allowed it to select patient lead investors. The capital will be used to fund a third phase of safety testing and further development of one of its large language model AI products, the company said in a news release Monday.
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Hippocratic AI is developing a staffing marketplace for healthcare providers that uses generative AI to complete low risk, non-diagnostic and patient-facing tasks to ease the effects of the ongoing healthcare staffing shortage.The product has passed through two phases of safety testing with promising results, according to the company.
Investment firms General Catalyst and Premji Invest co-led the round. Other investors were SV Angel, Houston-based Memorial Hermann Health System, Andreessen Horowitz Bio + Health, Cincinnati Children's Hospital Medical Center, York, Pennsylvania-based WellSpan Health and Universal Health Services, based in King of Prussia, Pennsylvania.
The Palo Alto, California-based company launched in May and raised $50 million in seed funding from General Catalyst and Andreessen Horowitz. In July, it raised an additional $15 million in funds and partnered with 10 healthcare providers, including Cincinnati Children's, Scottsdale, Arizona-based health system HonorHealth, Universal Health Services, Montreal, Canada-based primary and specialty care company ELNA Medical Group, Denver-based virtual mental health company SonderMind, New York-based virtual pharmacy Capsule and Atlanta-based digital health company Vital Software.
Hippocratic AI's healthcare partners and investors plan to use the technology upon its release, the spokesperson said.
