Wisedocs, a machine learning software-as-a-service for medical record review, indexing and summarization, closed $9.5 million in oversubscribed Series A financing. The Series A was led by Information Venture Partners, an early-stage business-to-business fintech investment firm, and by Thomson Reuters Ventures and ManchesterStory.

“The claims ecosystem has long remained a siloed and slow-moving machine,” said Wisedocs Founder and CEO Connor Atchison in a company press release. “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’ 2022 $4.1 million oversubscribed seed round. The Series A further enables Wisedocs’ expansion of its team, product and sales territories. Wisedocs launched in the U.S. in 2022, followed by the opening of a new American headquarters in Florida to support a growing U.S. customer base.

By leveraging generative AI to build its latest product suite, the company aims to enable the entire claims ecosystem to manage the claims process within an intelligent technology platform. Large language models are key to Wisedocs’ understanding, analysis and generation of content for medical records. With the 2023 launch of its Summaries platform, further artificial intelligence products can be launched to support insurance carriers, healthcare providers, law firms and third-party administrators for the claims industry, according to the press release.

Wisedocs’ platform allows for AI timeline view, search, filter, summarization and more on extensive medical records. The company serves insurance carriers, healthcare providers, law firms and third-party administrators for the claims industry in the auto, liability, disability, workers compensation, tort law and similar markets.

Source: Wisedocs