Suki, an ambient artificial intelligence documentation vendor, received $70 million in a Series D funding round, the company said Thursday.
The round was a traditional venture capital investment from private equity firm Hedosophia with participation from venture capital firms Venrock, March Capital, Flare Capital, Breyer Capital and inHealth Ventures.
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Suki offers an ambient AI documentation tool to health systems. The technology can take a voice recording of a clinician-patient conversation and generate a note in the provider’s electronic health record system. It is one of several companies in the popular ambient AI documentation space including leading vendors Nuance and Abridge. CEO and founder Punit Soni said the company stands out because it works with all major EHR vendors including Epic Systems, Oracle Health, Meditech and Athenahealth.
“When it comes to actual competition, in terms of going and working with health systems, there's only a couple of players that we are competing against,” Soni said. “We don't have to compete with the majority of these other players.”
Suki's AI product also assists clinicians with coding, patient summarization and answering clinical questions by retrieving relevant information in the EHR.
The company, founded in 2017, is not profitable, Soni said. He declined to disclose revenue.
Soni said the company will use the funding to add capabilities and build its own large language model manager, which will help clinicians switch between different generative AI models. It also is looking to build specific AI tools for nurses, staffing managers and other roles within health systems, he said.
The company also said it was expanding its partnership with Columbia, Maryland-based MedStar Health System. Financial details of the deal were not disclosed. The health system is making Suki’s AI assistant available to thousands of MedStar Health clinicians across primary care, cardiology and gastroenterology.
"MedStar has been one of our earliest partners and one of the first health systems to actually give us a chance to actually prove ourselves,” Soni said.