Corti has raised $60 million in a Series B funding round to support the growth of its artificial intelligence (AI)-powered solutions for the healthcare industry.
“The new capital will support our continued growth in healthcare, through advanced AI that understands patient needs and optimizes clinician workflows,” the company said in a Wednesday (Sept. 20) post on LinkedIn. “Additionally, we will continue to expand our AI capabilities in public safety, where we will continue to help call trackers better manage the quality and efficiency of their conversations, and triage more effectively.”
The funding round was led by Prosus Ventures and Atomico, according to the post.
Corti aims to provide technological help to the healthcare industry by offering an AI “co-pilot” that transcribes medical calls and automates the paperwork process, Bloomberg reported Wednesday. With this approach, Corti is set to compete with tech giants like Microsoft and Amazon.
The medical startup’s system is designed to assist medical professionals by transcribing calls made to emergency medics or doctors’ offices, according to the report. It then automates the paperwork process, including preparing the necessary documents for patient care and insurance.
Additionally, Corti’s AI system can provide real-time guidance to medical staff in certain cases, such as advising a nurse on how to process a patient complaint or instructing a 911 caller on when to administer CPR, the report said.
While other companies provide automated transcription services, Corti goes a step further by offering real-time assistance to medical professionals, per the report.
The healthcare market has become a hotbed for AI innovation, attracting the interest of tech companies, according to the report. Corti CEO Andreas Cleve told Bloomberg he believes there is ample room for competition in this sector, given the rising demand for healthcare services.
A recent report by Morgan Stanley said the healthcare sector is projected to nearly double its spending on AI and machine learning (ML). The amount allocated to these technologies in health company budgets is expected to be 10.5% next year, compared to 5.5% in 2022.
Ninety-four percent of healthcare companies are already using AI and/or ML in some capacity, according to the investment bank’s report.
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