Healthcare’s growing reliance on artificial intelligence is drawing attention from both customers and investors. Ambience Healthcare, a startup bridging healthcare and AI, recently secured $70 million to expand its operations. The company offers an “operating system” for healthcare organizations to streamline administrative tasks for clinicians, particularly in outpatient medical services like cardiology and oncology.
Funding and Investors
Kleiner Perkins and OpenAI’s Startup Fund co-led the Series B funding round, joined by Andreessen Horowitz and Optum Ventures. This investment brings Ambience Healthcare’s total funding to $100 million. While the company didn’t disclose its valuation, PitchBook estimated it at $126 million post-money during its Series A round in 2022.
Founders’ Background
Ambience Healthcare’s co-founders, Michael Ng and Nikhil Buduma, met at MIT and shared a personal connection to medical challenges. Ng’s experience with a broken back and Buduma’s heart problems motivated them to improve patient and clinical processes. Their previous startup, Remedy Health, focused on using AI for medical diagnosis but closed in 2020.
Company Focus
Unlike Remedy Health, Ambience Healthcare concentrates on alleviating clinicians’ administrative burden. Their platform covers various ambulatory specialties, helping clinicians manage patient data, forms, and operational tasks efficiently.
Product Offerings
Ambience Healthcare’s products include AutoScribe for generating conversation notes, AutoCDI for analyzing past conversations and ensuring documentation accuracy, AutoRefer for specialist handoffs, AutoAVS for after-visit summaries, and AutoPrep to assist clinicians before appointments.
Competitive Landscape
While Ambience Healthcare operates in a crowded space, its strategic partnerships with OpenAI and its focus on workflow integration set it apart. Other players in the medical AI market include Corti and Nabla, which have raised significant funding for end-to-end AI solutions in healthcare.
Future Outlook
Ambience Healthcare aims to continue advancing its AI-driven solutions for healthcare. With the backing of investors and strategic partnerships, the company seeks to make a positive impact on the healthcare industry by seamlessly integrating AI into clinical workflows.
