Hippocratic AI raises $53 million at a valuation of $500mn
Hippocratic AI, a firm specializing in healthcare-oriented artificial intelligence (AI), has completed a Series A funding round, raising $53 million at a valuation of $500 million. The financing round was spearheaded by Premji Invest and General Catalyst, with contributions from SV Angel, Memorial Hermann Health System, Andreessen Horowitz (a16z) Bio + Health, and Universal Health Services (UHS). This influx of capital brings the company's total funding to an impressive $120 million.
Firm introduces first product for phase three safety evaluation
In conjunction with the funding news, Hippocratic AI has also debuted its inaugural product: an innovative AI-driven staffing marketplace tailored for the healthcare sector. This platform enables health systems, payors, and other stakeholders to "employ" AI agents for low-risk, non-diagnostic tasks that involve patient interaction. The goal is to alleviate the critical shortage of healthcare nurses, social workers, and nutritionists both domestically and internationally. The recently secured funds will be channeled toward further product enhancement and safety evaluation.
Hippocratic AI's objective and investor backing
Hippocratic AI was established on the premise that generative AI holds the promise to enhance healthcare accessibility, fairness, and results if it is responsibly developed and implemented. The funding round was significantly oversubscribed, which demonstrates robust investor confidence in the company's safety-centric approach. Sandesh Patnam from Premji Invest expressed that Hippocratic AI's mission resonates with their foundation's objectives of fostering long-term societal value through investments in healthcare and education.
Hippocratic AI's testing stages
Hippocratic AI has embarked on phase three safety evaluation for its product, following encouraging outcomes in the initial two phases. The company has designed a clinician-led safety evaluation system for Large Language Models (LLMs), with each phase involving an increasing number of licensed physicians and nurses. The current phase will engage 5,000 licensed nurses, 500 licensed physicians, and the company's health system partners.
Distinctive approach to safety, product enhancement
Hippocratic AI employs a three-pronged approach to safety, encompassing a primary model trained using evidence-based content, an innovative constellation architecture with multiple models for enhanced medical accuracy, and integrated safeguards for human oversight when required. The company's product enhancement is overseen by several advisory groups including a safety governance council, physician advisory council, and nurse advisory council. These councils are composed of respected physicians and registered nurses from leading health systems and digital health companies.