Suki.AI Inc, a healthtech start-up, has raised $55 million (around Rs 412 crore) in a Series C funding round led by March Capital, the company said in a statement.
The round also saw participation from Philips Ventures, and existing investors such as Venrock, Flare Capital, Breyer Capital, and inHealth Ventures.
Angel investors who participated include Gaingels Group, Pankaj Patel, ex-Chief Development Officer of Cisco, Andrew Deutsch, CEO of RIMA Radiology, and Russell Farscht, former Managing Director of The Carlyle Group.
The fresh funds will be used to make strategic investments. Suki will also advance the artificial intelligence capabilities of Suki Assistant, its voice-enabled digital assistant, and Suki Speech Platform, its proprietary voice platform, as well as add new features that streamline documentation, coding and other administrative tasks for physicians, it said.
Punit Soni, CEO of Suki said it’s now imperative to offer technology that decreases physician burnout caused by documentation and administrative burden.
“With the strong support of our investors, Suki is poised to address this issue at an even larger scale and advance high-value, coordinated care through cutting-edge technology that integrates seamlessly into a physician's daily practice,” Soni said.
Founded in 2017 by Punit Singh Soni, Suki uses natural language processing and machine learning to create clinically accurate medical notes and streamline administrative tasks such as retrieving patient information from the electronic health record (EHR), it said in a statement.
The company said it supports doctors practising in any clinical setting and specialty including cardiology, orthopaedics, plastic surgery, ophthalmology, paediatrics and family medicine. Suki claims to reduce documentation time by 76% on average for physicians.
Suki quadrupled its revenue in the last year, it said without elaborating.
March Capital is a venture firm headquartered in Santa Monica, California and investing globally since 2014. With over $1 billion in capital over 4 funds and across 30 technology companies, March focus on Cloud-based software, automation, AI & IT infrastructure.
India's healthtech segment is expected to grow at a CAGR (compound annual growth rate) of 39% to touch $5 billion by 2023, according to a report by transaction advisory firm RBSA Advisors. The segment has the potential to grow to $50 billion over the next 10-12 years, the report said.
India has more than 5,000 healthtech startups and the industry is currently pegged at $1.9 billion. The startups have secured funding of around $2.5 billion which reflects that technology is poised to strengthen the healthcare ecosystem of India, the RBSA Advisors report said.