The funding will help DeepScribe enhance its technology and expand its offering beyond medical documentation automation. Here are the top-line bullets you need to know.
DeepScribe, an AI-powered medical transcription platform, has raised $30M in a Series A. The round drew participation from Index Ventures, Bee Partners, Stage 2 Capital, and 1984 Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based DeepScribe helps physicians automate the generation of medical documentation — on average, physicians using the company’s tools save 3 hours per day.
- The company’s platform is used by more than 400 physicians and has processed around 500K conversations in the US to date.
- It has established partnerships with Stanford Health Care, Texas Medical Center, Hartford HealthCare, Berkeley University of California, and Amazon Web Services.
WHY DOES THE MARKET MATTER?
- The global digital health market is expected to reach a value of $767.7B by 2030, growing at a CAGR of 17.9%, according to Allied Market Research.
- The global medical transcription market is expected to reach a value of $4.9B by 2027, according to Fortune Business Insights.
- As of Q3’21, digital health startups had raised 27% more funding than they did over the course of 2020.
- The pandemic has placed incredible pressure on healthcare systems across the globe, which has driven up the demand for digital health solutions to enhance operational efficiency.
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