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Hippocratic AI, a generative AI company focused on administrative healthcare tasks, secured $126 million in Series C funding at a $3.5 billion valuation, bringing the company's total raise to $404 million.
The round was led by Avenir Growth, with participation from CapitalG, General Catalyst, Andreessen Horowitz (a16z), Kleiner Perkins, Premji Invest, Universal Health Services (UHS), Cincinnati Children’s Hospital Medical Center, WellSpan Health, John Doerr and Rick Klausner.
WHAT IT DOES
Hippocratic AI's generative AI focuses on nondiagnostic healthcare tasks such as medication onboarding, monthly reconciliation, answering hospital and payor policy questions, and providing EHR assistance.
The company will use the funds to expand its customer deployments worldwide and further invest in product innovation, including its Polaris Safety Constellation Architecture.
Hippocratic AI's Polaris Constellation architecture includes a generative AI healthcare agent aimed at assisting with a range of healthcare workflows, from patient intake to care management follow-up calls.
The funds will also be used to pursue strategic mergers and acquisitions.
"Every call our agents make is a patient whose life we have helped to make healthier," Munjal Shah, cofounder and CEO of Hippocratic AI, said in a statement.
"What this capital allows us to do is touch more lives and help more people while staying true to our core values of ‘do no harm’ and ‘patients first.' We truly believe that generative AI agents can help bring in an era of abundance to healthcare never seen before."
MARKET SNAPSHOT
In January, Hippocratic AI closed a $141 million Series B funding round, bringing its valuation at the time to $1.64 billion.
In 2024, Hippocratic AI closed an oversubscribed $53 million Series A funding round, which brought its total raise to $120 million and its valuation to $500 million.
Subsequently, the company announced it added $17 million to its closed Series A round, bringing its total raise to $137 million for the year.
The company launched in 2023 with $50 million in seed funding and two months later added $15 million in funding to its seed round.
In October, Hippocratic AI selected Fivetran to develop a data foundation aimed at advancing its patient care platform.
Through the partnership, Hippocratic AI will be able to replicate its customer data in an analytical environment that Fivetran says adheres to compliance requirements and regional data residency directives.
In September, Hippocratic AI joined forces with Eraas Health, a company that studies weather data so people know if they are in danger due to adverse weather.
Eraas Health's platform monitors environmental conditions and identifies individuals who are at high health risk using analytics, data science and now Hippocratic AI's generative AI healthcare agents.
By converting climate signals into actionable insights, Eraas Health allows health plans and state agencies to take preventive steps before a weather-related event occurs with the aim of reducing hospitalizations.
That same month, University Hospitals collaborated with Hippocratic AI to deploy Hippocratic AI's conversational agents within clinical workflows and for patient engagement throughout the University Hospitals system.
The aim of the alliance is to deploy Hippocratic AI's voice-based agents to support patients across a range of non-diagnostic use cases.
In August, Hippocratic AI successfully completed its system and organization controls (SOC) for Service Organizations (SOC 2 Type II) examination.
The SOC 2 Type II report was issued by an independent, AICPA-accredited third-party auditing firm and provides comprehensive assurance over the effectiveness of Hippocratic AI’s internal controls over a multi-month observation period.
The aim is to demonstrate that Hippocratic AI’s infrastructure, software and processes meet strict criteria for safeguarding customer data, especially in the highly regulated healthcare sector.
