Hippocratic AI (see Pulse 2.0 profile here), the company that pioneered the first healthcare LLM for patient-facing non-diagnostic clinical tasks, announced that the company completed its series B financing round only nine months after its series A. The series B raised $141 million, valuing the company at $1.64 billion. The funding round was led by Kleiner Perkins. They were joined by existing investors: A16z, General Catalyst, Premji, NVIDIA, SV Angel, Universal Health Services (UHS), and WellSpan Health, which all participated at or above pro-rata.
The company raised the additional capital to further its goal of providing healthcare abundance and improving patient outcomes worldwide through its safety-focused Polaris constellation LLM architecture. The new capital will expand the company to more verticals (pharma, payors) and new markets (EMEA, Southeast Asia, Latam).
Over the last few months, the company has gone live with Arkos Health, Belong Health, Cincinnati Children’s, Fraser Health (Canada), GuideHealth, Honor Health, Ideal Dental, Nsight Health, OhioHealth, VNS Health, UHS, WellSpan Health, and more. And Hippocratic AI GenAI agents have completed hundreds of thousands of calls to patients of these healthcare organizations. Patient response has been outstanding, giving their GenAI agent interactions an average rating of 8.7 out of 10.
From the start of the company, Hippocratic AI has always believed that creating a safe and effective LLM requires close collaboration with healthcare organizations. So the company partnered with founding health systems such as UHS, Honor Health, WellSpan Health, Cincinnati Children’s, OhioHealth, and Memorial Hermann and agreed not to launch until the product was as safe as a human nurse. This milestone was finally achieved earlier this year with the launch of its Polaris 2.0 product, which increased the number of parameters (intelligence) of the model from 1.1 trillion parameters to 3.7 trillion parameters.
The company is also announcing the launch of its AI Agent App Store, where licensed clinicians can collaborate with Hippocratic AI to design and shape AI agents based on use cases they develop and earn revenue from their use by customers.
KEY QUOTES:
“The last nine months have been a very productive period at the company. We raised our Series A with the support of Premji and NVIDIA; released our Polaris 2.0 architecture; expanded our nurse, physician, and industry advisory councils; received our first US patent; achieved safety parity of our AI agents with human clinicians; signed contracts with 23 health systems, payors, and pharma clients in just 23 weeks; launched 16 of those clients; and received a positive reception from patients. This round of financing will accelerate the development and deployment of the Hippocratic GenAI-driven super staffing and continue our quest to make healthcare abundance a reality.”
– Munjal Shah, co-founder and CEO of Hippocratic AI
“While we had been tracking Hippocratic AI because of its focus on safety and unique constellation LLM architecture, the company’s incredible commercial traction is a clear signal that they are winning a new category. The total addressable market of using generative AI for solving healthcare staffing shortages is probably 10 times the size of the healthcare software market alone, and we’re excited to support the Hippocratic AI team on their journey.”
– Mamoon Hamid, Partner, Kleiner Perkins
