Qventus, a provider of AI-based care automation software for health systems, announced a $105 million investment led by KKR, with additional participation from renowned investment firm Bessemer Venture Partners, and new strategic investors, including leading health systems Northwestern Medicine, HonorHealth, and Allina Health. And this funding follows a year of significant growth for Qventus, increasing its cadre of health system partners and expanding its team globally.
Qventus has created an AI-based care operations automation platform deployed across leading health systems in inpatient and outpatient settings. And this funding accelerates the Company’s ability to provide AI-based automations and AI operational assistants in more care settings, building on the success of its existing offerings like Qventus’ Surgical Growth and Inpatient Capacity solutions as well as new solutions built on its first-to-market AI Operational Assistants platform capability.
Hospital executives, providers, and frontline staff are burdened by manual and antiquated processes, creating challenges to achieving their mission of providing excellent care to patients in their communities. Qventus’ solutions and AI teammates help health systems combat challenges by intelligently automating operations and end-to-end workflows across care settings.
Qventus will utilize this funding to accelerate the development and commercialization of solutions powered by its AI Operational Assistants into new care settings beyond its Surgical Growth and Inpatient Capacity solutions. And enhancing team productivity by up to 50%, these AI teammates work alongside care teams to reduce the administrative burden, identify potential issues upstream, surface suggested interventions, and take action to solve problems for busy staff.
Since its founding in 2012, Qventus has created a suite of AI solutions to address health system pain points across care settings. And in the last year alone, Qventus’ Inpatient Capacity solution, which reduces the length of stay and creates capacity, eliminated 36,000+ excess days for its health system partners, saving them millions of dollars and helping them create the capacity to serve more patients in their communities.
The company’s Surgical Growth solution provides strategic surgical volume for hospitals, generating $95 million in annualized contribution margin in 2024 through Qventus enabled cases. And this year alone, Qventus’ platform touched more than half a million surgeries and drove 35% more robotic cases using its technology to spot gaps of time available, helping patients receive the critical care they need.
Wilson Sonsini Goodrich & Rosati served as legal advisor to Qventus, Latham & Watkins served as legal advisor to KKR and Wilson Sonsini Goodrich & Rosati served as legal advisor to Bessemer Venture Partners.
KEY QUOTES:
“Across the country, health care teams have to do extraordinary things to get ordinary things done every single day. Qventus has dedicated the last decade to building AI automation solutions that alleviate the administrative burden of health care staff so they can deliver highly reliable patient care. This funding is a testament to how these solutions generate best-in-industry return on investment, helping health systems achieve the margins needed to fulfill their mission of delivering exceptional care to their communities. This capital primes us to continue maximizing our growth, delivering on our promises to our partners, and launching new, game-changing technology.”
– Mudit Garg, CEO and Co-Founder of Qventus
“Built on a solid foundation, Qventus has navigated the evolving care landscape and emerged resilient, thanks to its sophisticated technology and proprietary data engine built over the last decade. We believe Qventus is well-positioned to be a market leader in supporting care delivery at the provider level and redefining the future of health care by supporting hospital systems in operating more efficiently so they can focus on what really matters–quality care for patients.”
– Jake Heller, Partner and Head of Tech Growth Equity, Americas at KKR
“By collaborating with Qventus, Northwestern Medicine has been able to significantly address capacity and access demands for our operating rooms which has allowed our patients quicker access to care. By deploying Qventus’ solutions, Northwestern Medicine is able to reduce the burden on our clinical teams and allow them to turn their focus to caring for our patients.”
– Doug King, Senior Vice President and Chief Information Officer, Northwestern Medicine
