Wisedocs Closes $12.7M Series A Funding Round

The Series A further enables Wisedocs’ successful expansion of its team, product, and sales territories.

(Image source: Wisedocs homepage.)

Wisedocs (Toronto), a provider of machine learning software-as-a-service (SaaS) for medical record review, indexing, and summarization closes $9.5M USD ($12.7M CAD) in oversubscribed Series A financing. The Series A is led by Information Venture Partners (Toronto), an early-stage B2B fintech investment firm; and by Thomson Reuters Ventures (New York) and ManchesterStory. (Des Moines, Iowa).

Connor Atchison, Founder and CEO, Wisedocs.

“This latest financing round proves the success of our most recent technological advancements. The claims ecosystem has long remained a siloed and slow-moving machine,” Connor Atchison, Founder and CEO, Wisedocs. “With the improvements in automation, intelligence, and centralization that Wisedocs enables, the claims process will be an efficient experience for companies, team members, and claimants alike.”

This financing round follows Wisedocs’ 2022 $4.1M oversubscribed Seed round. Wisedocs says the Series A will further enable the successful expansion of its team, product, and sales territories. Wisedocs launched in the United States in 2022, followed by the opening of new American headquarters in Florida to support a growing U.S. customer base. Wisedocs says it is poised to accelerate exponentially in 2024 following a successful 2023, which saw the company more than double its growth in customer base, alongside a 3.5X growth rate.

Jane Podbelskaya, Principal, Information Venture Partners.

“We are proud to lead Wisedocs’ Series A round,” notes Jane Podbelskaya, Information Venture Partners, investor, and newest board member at Wisedocs. “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. This round enables its continued growth and expansion.”

Leveraging state-of-the-art generative artificial intelligence (gen AI) to build its latest product suite enables the entire claims ecosystem to manage the claims process within an intelligent technology platform. Large-Language Models (LLMs) are key to Wisedocs’ understanding, analysis, and generation of content for medical records, a statement from the company says. The vendor says that with the 2023 launch of its Summaries platform, further artificial intelligence products can be launched to support insurance carriers, healthcare providers, law firms, and third-party administrators (TPAs) for the claims industry.

Tamara Steffens, Managing Director, Thomson Reuters Ventures.

“Wisedocs has developed a game changing solution that applies generative AI to insurance claims processing and summarization,” comments Tamara Steffens, Managing Director, Thomson Reuters Ventures. “We are excited to work with them to bring this solution to our legal customers.”

The Wisdocs statement frames its solutions as addressing the insurance industry’s perennial challenges from manual, slow processes that impact claimants and the claims ecosystem, from the insurance companies involved to the legal teams and medical practices.

Integration of AI into the Claims Ecosystem

Matt Kinley, Founding Partner, ManchesterStory.

“The insurance industry knows the plight of their practice and workers, as well as their claimants as it pertains to processing claims effectively, efficiently, and accurately,” says Matt Kinley, Founding Partner, ManchesterStory. “It is no surprise that Wisedocs has successfully integrated its AI technology into the claims ecosystem at such a fast adoption rate. Its technology is a welcome change to how claims are processed.”

Wisedocs says that having started withcustomer engagement, the company has grown to support all facets of the claims process by creating a platform that allows for AI timeline view, search, filter, summarization, and more on extensive medical records. This allows claims to be processed faster and more accurately within a secure platform, the vendor asserts.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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