Wisedocs Closes $12.7M Oversubscribed Series A Round
Technology Market Leader for the Insurance Industry Closes $12.7M Oversubscribed Series A as It More Than Doubles Customer Base
Toronto ON (Jan. 30, 2024) – Wisedocs, 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, an early-stage B2B fintech investment firm; and by Thomson Reuters Ventures and ManchesterStory.
Connor Atchison, Founder and CEO of Wisedocs, states, “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. 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’ successful 2022 $4.1M oversubscribed Seed round. The Series A further enables Wisedocs’ 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 US customer base. Wisedocs is poised to accelerate exponentially in 2024 following a successful 2023, which saw the company more than double its growth in customer base, alongside an incredible 3.5X growth rate.
“We are proud to lead Wisedocs’ Series A round,” notes Jane Podbelskaya of 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 (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. With the 2023 launch of its game-changing 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.
“Wisedocs has developed a game changing solution that applies generative AI to insurance claims processing and summarization,” stated Tamara Steffens, Managing Director, Thomson Reuters Ventures. “We are excited to work with them to bring this solution to our legal customers.”
The insurance industry has long suffered from manual, slow processes that impact claimants and the claims ecosystem – from the insurance companies involved to the legal teams and medical practices.
“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,” begins Matt Kinley, Founding Partner at 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.”
From exponential customer engagement, Wisedocs grew 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.
About Wisedocs
Wisedocs is the medical record indexing, review, and AI summaries software platform for insurance carriers, healthcare providers, law firms, and TPAs for the claims industry. Wisedocs serves the auto, liability, disability, workers’ compensation, tort law, and similar markets. Wisedocs provides an easy-to-integrate solution for improved accuracy and speed to deliver improved outcomes in processing medical records. Wisedocs raised $4.1M in an oversubscribed seed round in 2022 and launched their game-changing Summaries platform in 2023. Launched in 2021, and expanded across North America, Wisedocs is at the forefront of change in the claims ecosystem. To learn more about Wisedocs, visit wisedocs.ai.
About Information Venture Partners
Information Venture Partners is a Toronto-based team of experienced venture capital investors focused on backing the next generation of leaders in B2B FinTech and Enterprise SaaS for Financial Institutions. Current investments include Arteria AI, BigID, Cinchy, Coconut Software, Empyrean Solutions, Flybits, FX HedgePool, Helcim, Influitive, Jirav, Knowtions, LendingFront, Lydia AI, Nue.io, Procurify, Q4, Strike Graph, ThoughtExchange and Wisedocs. For more information, visit informationvp.com.
About ManchesterStory
Founded by Dave Miles and Matt Kinley, ManchesterStory Group is a venture capital firm targeting investments in FinTech and Healthcare, with a particular interest in technologies impacting the insurance industry. Focused on early to growth-stage companies across the United States, ManchesterStory seeks to generate superior returns by connecting exceptional entrepreneurs to strategic capital and relationships. For more information, visit www.manchesterstory.com.
Source: Wisedocs
Tags: funding, InsurTech, InsurTech Spotlight, Machine Learning (ML), Software as a Service (SaaS), Wisedocs