Infinitus Systems, which utilizes AI to automate manual healthcare-related phone calls, announced it scored $51.5 million in Series C funding led by Andreessen Horowitz, bringing its total raise to $102.9 million.
Andreessen and Memorial Hermann Health System joined existing investors GV (Google Ventures), Coatue and Kleiner Perkins.
Scott Kupor, managing partner at Andreessen Horowitz, joined the company’s board of directors.
WHAT IT DOES
The San Francisco-based company’s AI-enabled platform, FastTrack, utilizes AI agents and copilots to talk to payers about claims processing and collect information on patients’ prior authorizations, benefit verification and prescription follow-ups.
Infinitus’ AI draws from “a vast knowledge graph of payor intelligence gathered from over four million calls and counting,” the company said in a statement. It knows which numbers to call, can navigate IVR systems and waits on hold for users until a live payor agent answers the phone.
The company touts that its solution can use LLMs for reasoning and extraction through a coordination layer that restricts conversations to specific topics, putting concerns of AI hallucinations to rest.
“The potential for AI to revolutionize the healthcare industry is immense, and Infinitus is well positioned to help customers navigate this time of change,” Kupor said in a statement.
“We believe in Infinitus’s vision and are confident that their innovative solutions, like FastTrack, will continue to disrupt the industry and deliver significant value to both their customers and the broader healthcare ecosystem, safely and securely driving efficiency and enabling healthcare providers to focus more on patient care.”
MARKET SNAPSHOT
Daisy Wolf, investing partner at Andreessen Horowitz (a16z), sat down with MobiHealthNews in August for its Investment Series to discuss a16z’s enthusiasm for healthcare technology and the type of tech that will impact the sector.
“The [healthcare] industry is the last industry that has call centers of people who are faxing and answering phones and scheduling appointments manually,” Wolf said.
“If you look at the developing world, it went straight from cash and mobile payments and leapfrogged over credit cards. We see that opportunity happening in healthcare right now, where we’re going to go straight from humans to AI and leapfrogging over traditional enterprise SaaS.”
Over the last couple of weeks, Andreessen has announced several investments in digital health companies.
One is Alchemy, a company that helps develop and scale in-house pharmacy programs focused on HIV and Hepatitis C (HCV) patient populations.
a16z led Alchemy’s $31 million seed financing round alongside professional basketball player turned investor Earvin “Magic” Johnson, Sandberg Bernthal Venture Partners, Banc of California, Twine Ventures, Springbank and AlleyCorp.
Counsel Health, a virtual healthcare practice focused on message-based care, also announced its launch with $11 million in seed funding in a round led by a16z. Floodgate Fund, Asymmetric Capital Partners, Pear VC and numerous healthcare startup founders also participated in the round.
