Unprecedented growth, including 12+ new health system partnerships and expansion with MedStar Health, drives latest investment
REDWOOD CITY, CALIF. — October 10, 2024 — Suki, the leader in artificial intelligence (AI) technology for healthcare, today announced $70 million in new funding on the strength of its health system and electronic health record (EHR) partnerships, including collaborations with Epic, Oracle Cerner, MEDITECH, and Athena. Suki’s mission is to make healthcare technology invisible and assistive with an AI platform that powers the industry. Its solutions include Suki Assistant, an AI assistant that streamlines administrative tasks for clinicians, and Suki Platform, a suite of developer tools for technology partners looking to build AI experiences in their solutions. Suki has been growing at an exponential rate, with over a dozen major health systems and hospitals deploying or expanding access to Suki in the last two months alone.
This capital brings the company’s total funding to $165 million, enabling Suki to invest in commercial initiatives, accelerate product development, and expand its leadership team. The round was led by Hedosophia, with a substantial additional investment from Venrock, as well as participation by existing investors including March Capital, Flare Capital, Breyer Capital, and inHealth Ventures.
“We are in a new phase of growth,” said Punit Soni, CEO and founder of Suki. “The healthcare industry is clamoring for AI and we are proud to offer a suite of full-featured solutions that seamlessly interoperate with existing tools. With the support of our investors, we’ll accelerate our growth, diversify Suki’s capabilities, and deepen relationships with strategic partners such as MedStar Health, one of the most important collaborators in Suki’s history. MedStar Health was fundamental in helping us build essential capabilities including our bidirectional and seemingly ‘invisible’ EHR integration, which is why we have the highest clinician adoption rates in the industry. Together, we have demonstrated how a technology company and health system can meaningfully innovate together and advance physician well-being and patient care.“
Suki will use the new investment to accelerate product development, with plans to expand beyond its existing offerings, Suki Assistant and Suki Platform. Suki Assistant helps clinicians save time on tedious administrative tasks - it generates notes ambiently, takes dictation and commands, simplifies coding, and answers clinical questions by retrieving relevant chart data from the EHR. Suki’s products work seamlessly to augment existing workflows and accommodates pre-charting, incorporating live chart data such as vitals into notes, and generating patient instructions. This flexibility and breadth of features has contributed to an industry-leading 70+ percent adoption rate. Health systems experience completion of notes up to 72% faster while increasing documentation quality, improving clinician well-being and enhancing revenue capture.
Suki Platform, the engine that powers Suki Assistant, is available for companies looking to further their solutions’ proficiencies with AI and voice. Suki Platform powers a wide range of AI voice experiences with minimal development effort, and is used by leading EHRs, telehealth companies, and clinical communications companies, amongst others.
“Since our seed investment in Suki, the company has grown exponentially by securing strategic partnerships with leading health systems and healthtech companies, and demonstrating meaningful impact to all stakeholders, from clinicians to administrators,” said Bryan Roberts, Partner at Venrock. “Suki is well on its way to becoming the de facto AI platform for healthcare and we are proud to support it as it continues its rapid growth.”
The company’s partnership with MedStar Health, a $7.7 billion health system with more than 300 care locations, is a key initiative to support MedStar Health’s commitment to patient care, clinician well-being, and innovation. Suki helps clinicians across specialties and settings save time on clinical documentation so they can redirect time to other aspects of patient care. The agreement makes Suki’s flagship solution Suki Assistant available to thousands of MedStar Health clinicians across ambulatory specialties including primary care, cardiology, and gastroenterology, and settings like urgent care locations. Suki Assistant uses cutting-edge AI and voice technologies to greatly expedite time-consuming administrative tasks, and it has the most comprehensive integration with leading EHRs including Oracle Cerner, MedStar Health’s system of record.
“As MedStar Health explores and deploys artificial intelligence capabilities that can revolutionize healthcare delivery, Suki has served as a critical partner in our ongoing journey for more than four years,” said Jeff Collins, vice president of the MedStar Institute for Innovation Business Innovation Lab. “Together we have delivered new value to our system through successful pilot exploration, workflow optimization, and continued co-development. Importantly, we have also supported a wide range of providers who report that using Suki vastly improves how they interact with the EHR and elevates their documentation efficiency, improves the patient experience, and bolsters professional satisfaction.”
Organizations across the entire healthcare ecosystem have chosen to partner with Suki based on its award-winning solution and its commitment to deep collaboration. Recent announcements span health systems (Ascension Saint Thomas, St. Mary’s Hospital, Decatur County Memorial Hospital), healthcare technology companies (MEDITECH, Amwell), and group purchasing organizations (Premier, omo). To learn more about Suki, visit https://www.suki.ai/.
About Suki:
Suki is a leading technology company that provides AI voice solutions for healthcare. Its mission is to reimagine the healthcare technology stack, making it invisible and assistive to lift the administrative burden from clinicians. Its flagship product is Suki Assistant, an AI assistant that uses generative AI to automatically create clinical documentation by ambiently listening to patient-clinician conversations. Suki helps clinicians complete notes 72% faster on average, assists with other tasks including coding and answering questions, and generates incremental revenue for organizations, delivering a 9X ROI in year 1. Suki also offers its proprietary AI and speech platform, Suki Platform, to partners who want to create best-in-class ambient and voice experiences for their solutions. Suki is backed by premier investors such as Venrock, First Round, Flare Capital Partners, March Capital, and Breyer Capital. To learn more, visit suki.ai, or follow us on LinkedIn and Twitter.
CONTACT:
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