Wisedocs closes $12.7M Oversubscribed Series A

BusinessWireJanuary 31, 20244 min

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.

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