DigitalOwl, the first and only Natural Language Processing (NLP) technology for deeply analyzing and summarizing medical records, has completed a $20 million Series A fundraising round led by New York-based global private equity and venture capital firm Insight Partners, with participation from existing investors Ibex and Fusion VC, the company announced Wednesday.
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This latest round of fundraising will be used for additional hires that will strengthen existing teams, particularly technology development, sales, marketing and client service. The round quickly follows the company's $6.5 million seed announcement in February 2021.
DigitalOwl reads, summarizes, and analyzes medical records for insurance and legal companies to help them better combat fraud, underwrite new plans, execute claims, and build strong legal cases.
"For our current and future customers – insurance companies, reinsurers, TPA's, and others in the insurance and legal industries – this investment will allow us to innovate faster, bringing them the most advanced medical data analysis services available, backed by world-class customer service and a deep bench of domain expertise," said Yuval Man, CEO and Co-Founder of DigitalOwl. "It will also support a more robust R&D process, allowing us to unlock valuable solutions for other industries that utilize medical data."
