The Wall Street Journal reports that Abridge, an AI startup that automates medical notes, has secured a $300 million Series E at a $5.3 billion valuation.
The round, which Andreessen Horowitz led with Khosla Ventures’ involvement, follows the company’s $250 million February fundraising at a $2.75 billion valuation.
The 7-year-old Abridge is widely regarded as the market leader in the AI-powered medical scribe market, which is increasingly congested. This is primarily due to its early entry and integration with Epic Systems, the dominant health record software.
Abridge reached $117 million in contracted annual recurring revenue in Q1, according to a report by The Information last month. This metric encompasses all signed recurring contacts, including those from customers who have not yet been onboarded.
Along with the fundraising initiative, Abridge disclosed that it is expanding its services to include converting medical notes from patient appointments into AI-powered medical codes.
This offering will enable the company to compete directly with startups such as CodaMetrix and a feature from its partner Epic Systems.
Abridge, which cardiologist Shiv Rao established, claims that its AI scribe technology is utilized by more than 150 of the greatest health systems in the United States.