Qventus Latest Healthcare AI Startup To Raise Big

Healthcare startups using artificial intelligence have come out of the gate hot in the new year when it comes to fundraising.

AI-based healthcare automation software Qventus is the latest example, with the startup locking up a $105 million investment led by KKR. It has been reported the round is made up of $85 million in equity and $20 million in optional debt at a $400 million valuation.

The round also included participation from Bessemer Venture Partners, Northwestern Medicine, HonorHealth and Allina Health.

Qventus’ platform tries to address operational inefficiencies in both inpatient and outpatient settings using generative AI, machine learning and behavioural science. The platform predicts operational challenges, recommends remedies and automates workflows.

“Across the country, healthcare teams have to do extraordinary things to get ordinary things done every single day,” said co-founder and CEO Mudit Garg in a release. “Qventus has dedicated the last decade to building AI automation solutions that alleviate the administrative burden of healthcare staff so they can deliver highly reliable patient care.”

Founded in 2012, the company has raised more than $200 million, per Crunchbase.

Healthcare AI starts year big

Qventus is not the only healthcare AI startup to raise big early this year.

Just last week, San Francisco-based Innovaccer — which helps healthcare organizations by providing software solutions that aim to improve patient experience and reduce the administrative burden on providers — raised a $275 million round that was a combination of primary and secondary. Investors included B Capital and Kaiser Permanente.

Also last week, Palo Alto, California-based Hippocratic AI, which develops a safety-focused large language model for healthcare, safety and accuracy, raised a $141 million Series B valuing the company at $1.6 billion. The round was led by Kleiner Perkins.

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Illustration: Dom Guzman