Clinical Voice AI Startup Suki Raises $55M
Clinical voice AI developer Suki raised $55 million in a Series C funding round led by March Capital. Suki created a voice assistant and platform for medical professionals to take notes and fill out paperwork by voice aided by artificial intelligence, a rapidly expanding and valuable aspect of the medical industry.
Suki Physician Assistance
Suki’s voice assistant is designed as a tool for doctors to leverage machine learning and AI for collecting and transcribing notes and patient conversations. The assistant fills in Electronic Health Records (EHR) with relevant information, taking over the data entry duties and giving doctors more time and energy to focus on patients. Suki also created the Suki Speech Service platform, known as S3, which added flexibility and improved the accuracy of the voice assistant in understanding even very casual and informal conversation. Suki’s voice assistant boasts as much as 75% cuts in paperwork time, which means far less stress for doctors, who frequently cite administrative work as a cause of burnout.
“My first exposure to Suki was observing my doctor using his phone to update his EHR and pharmacy, which compelled me to ask him about what he was using. He was thrilled with Suki as a user, and I knew I had to meet the founder,” March Capital partner Wes Nichols said. “Doctor burnout is a public health crisis which makes Suki’s cutting-edge AI-powered voice assistant a game-changing solution for doctors and health systems everywhere.”
Suki is one of many clinical voice assistants seeing significant growth, especially in the wake of COVID-19 and healthcare providers’ relatively rapid adoption of the tech. Rivals like Notable, which recently brought in $100 million, and Saykara, now acquired by Nuance, are raising the profile of the tech, which is sweeping across more specialized medical services like dental-focused Bola and veterinarian-centered Talktoo.
Suki claims it has quadrupled its revenue from last year and is used in almost 100 healthcare networks and clinics in the U.S. Suki added the ability to integrate existing EHR data and launched an app to make the voice assistant work on Windows computers. The new funding more than doubles the amount raised by the company from a $20 million investment round in early 2020, two years after an earlier $20 million funding. Suki is earmarking the latest funding toward pushing Suki’s tech to new customers and creating tools to handle more kinds of paperwork and administrative tasks.
“We are at a turning point in healthcare, where it’s now imperative to offer technology that improves physician burnout caused by documentation and administrative burden,” Suki CEO Punit Soni said. “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.”