Nabla Raises $24M in Series B to Fuel Expansion of its Ambient AI Assistant to Transform Care Delivery
05 Jan 2024
New financing, led by Cathay Innovation, will be used to expand capabilities and adoption of Nabla Copilot, the leading ambient AI assistant designed to alleviate the administrative burden placed on providers, and reduce clinician burnout.
Launched in March 2023, Nabla Copilot has experienced rapid growth with +20,000 providers who have already adopted the solution for its accessibility, accuracy, and speed, and have helped build Copilot to better serve the provider community's needs.
BOSTON, Jan. 5, 2024 /PRNewswire/ -- Nabla, the leading ambient AI assistant for practitioners, today announced the initial close of a $24M Series B funding round led by Cathay Innovation, with participation from ZEBOX Ventures. This close brings Nabla's total funding to over $43M. This investment enables Nabla to boost expansion across U.S. healthcare systems and continue transforming the way providers deliver care with its ambient AI assistant.
Clinicians have deemed managing the electronic health record (EHR) the biggest stressor in patient care. Clinical documentation is a time-intensive task that adds six hours per week of EHR work for practitioners outside of standard time spent with patients. With its AI-powered note-generation capabilities, medical coding recognition, and smooth EHR integrations, Nabla Copilot is saving clinicians valuable time so they can focus on caring for their patients. Providers claim the notes are remarkable for their precision, with only 5% requiring adjustments.
In addition to nationwide expansion, the Series B funding will allow the company to fuel its ambition to build the most intuitive and reliable ambient AI that can support clinicians across the clinical spectrum up until medical decision support. The investment will also contribute to Nabla's commitment to improving health equity with the launch of additional language options for Nabla Copilot.
"This fundraise allows us to continue delivering on our vision to build the premier ambient AI assistant that will allow clinicians to experience the joy of practicing again," said Alex Lebrun, co-founder and CEO, Nabla. "Clinical documentation is only the beginning for Nabla. Health systems are looking to leverage the AI opportunity to support their healthcare teams in many different aspects; we are getting ready to be there every step of the way."
"Nabla's exceptional team understands clinicians' pain points and has the deep, technical expertise needed to bring cutting-edge AI and LLM technologies to the healthcare industry and best support practitioners shifting back to a patient-centric approach," said Jacky Abitbol, Managing Partner, Cathay Innovation. "The company has demonstrated impressive early traction in both Europe and the US, and we look forward to putting our global network and resources to work to help Nabla expand further and solidify their position at the heart of new AI medical applications."
"Prior to using Nabla, It was harder to complete the office notes same because of the time constraint. Since, I started using Nabla, I am able to complete my notes the same day as the office visit and many times I am able complete the notes after seeing every patient. This is a stress reliever for me. Now, it is harder to imagine life without Nabla." - Dr. Raghu K
"With Nabla, I am finally getting my weekends back. What took 8-10 hours now takes maybe 3-4 hours. Better yet, because I no longer need to be a scribe, I get to actually be a psychologist and focus on my patient! After only a couple of months, I can't imagine my practice without Nabla." - M. Tursich, PhD, Psychologist
Nabla also prides itself on being scalable, having the capacity to cater to the unique needs of both small practices and large health systems with 10,000+ clinicians. To deliver its solution to a broader user base, Nabla has partnered with EHR platforms that are increasingly looking to embed AI solutions like Nabla Copilot, which provide smooth integrations and streamline workflows while prioritizing privacy, accuracy, and speed.
Founded in 2018, Nabla has proprietary Large Language Models (LLM) and Speech-to-Text (STT) technologies built by former Facebook AI Research engineers. Nabla's advisors include AI and medical experts, including the godfather of AI, Yann LeCun; Dr. Megan Mahoney, Professor and Chair at UCSF Department of Family and Community Medicine; Dr. Haipeng (Mark) Zhang, Associate Program Director of the Clinical Informatics and Innovation Fellowship at Brigham and Women's Hospital; and Dr. Andrew Lundquist, Chief Medical Officer of the Mankato Clinic.
Available on mobile, desktop, and API, Nabla continually improves its user experience by applying feedback from its engaged clinician community. The company does not store data, complying with the highest confidentiality and privacy regulations.
About Nabla
Nabla is the developer of Nabla Copilot, an ambient AI that helps clinicians enjoy care again. AI-powered Nabla Copilot generates clinical notes in seconds from any encounter across all specialties, reducing practitioners' stress and improving patient care. Nabla Copilot's capabilities also include AI-enabled medical coding identification, and smooth EHR integrations.
The company's advisors include Yann LeCun, VP & Chief AI Scientist at Meta, also known as one of the founding fathers of artificial intelligence, Megan Mahoney, chair of the UCSF Department of Family and Community Medicine, Dr. Haipeng (Mark) Zhang, Associate Program Director of the Clinical Informatics and Innovation Fellowship at Brigham and Women's Hospital; and Dr. Andrew Lundquist, Chief Medical Officer of the Mankato Clinic.
Investors include global venture capital firm Cathay Innovation, as well as seasoned entrepreneurs such as CMA CGM Group Chairman and CEO Rodolphe Saadé, tech entrepreneur Xavier Niel, Tony Fadell, co-creator of the iPod and iPhone, as well as Rachel Delacour, CEO & Co-founder at Sweep, among others. Since its launch in 2018, Nabla has raised a total of $43M.
For more information, please visit: www.nabla.com.
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