Abridge, an AI startup automating medical notes, has secured a $300 million Series E at a $5.3 billion valuation, according to the Wall Street Journal. The round, led by Andreessen Horowitz with participation from Khosla Ventures, follows the company’s $250 million February fundraise at a $2.75 billion valuation.
The seven-year-old Abridge is widely considered to be the leader in the increasingly crowded AI-powered medical scribe market, largely due to its early entry and integration with Epic Systems, the dominant health record software.
In Q1, Abridge has reached $117 million in contracted annual recurring revenue (a metric that includes all signed recurring contacts, including from customers that have still not been onboarded,) The Information reported last month.
Along with the fundraise, Abridge announced that it is expanding into converting medical notes from patient appointments into AI-powered medical codes, an offering that makes the company directly competitive with startups like CodaMetrix and a feature from its partner Epic Systems.
Abridge, which was founded by cardiologist Shiv Rao, claims that its AI scribe technology is used by over 150 of the largest health systems in the US.
