AvoMD, an AI-enabled platform that allows clinicians and hospitals to create apps for use at the point of care, announced it closed $5 million in a seed funding round led by AlleyCorp.
Epsilon Health, MedMountain Ventures and Las Olas also participated in the round alongside Dr. Kavita Patel, venture partner at New Enterprise Associates and senior policy advisor at Stanford University, and existing investors Mirae and Dunamu.
Other investors in AvoMD include Mount Sinai Innovation Partners, StartUp Health, Columbia University and 500 Startups.
WHAT IT DOES
The New York-based company offers an AI-enabled no-code application builder that allows healthcare providers to build their own applications for various use cases, including medical calculators, interactive clinical guidelines, documentation automation and billing support. The platform can be integrated into electronic health record systems or used as a standalone web or mobile application.
“AvoMD is a copilot for clinicians, working alongside them and empowering them to provide the highest quality of care,” Dr. Joongheum Park, AvoMD’s chairman and head of product and engineering, said in a statement. “We are thrilled to have a partner like AlleyCorp to support this vision and the next chapter of growth at AvoMD.”
MARKET SNAPSHOT
Healthcare providers are suffering from burnout, but some healthcare professionals believe the strategic deployment of AI automation may ease the administrative burden.
Other companies utilizing AI to assist providers with administrative tasks include Seattle-based Outbound AI, which offers AI-powered virtual agents that perform administrative tasks. The company recently scored $16 million in seed funding.
Ohio-based Olive offers healthcare organizations an “AI Workforce” designed to automate tedious, high-volume administrative tasks. The company’s platform can be deployed across several organizational departments, including IT, supply chain, human resources, clinical administration and revenue cycle.