DigitalOwl, a Natural Language Processing (NLP) technology for analysing and summarising medical records, has raised USD20 million in a Series A round led by New York-based global private equity and venture capital firm Insight Partners, with participation from existing investors Ibex and Fusion VC.
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 USD6.5 million seed announcement in February 2021.
DigitalOwl currently operates in the US, Canada and Israel to help companies get through the tedious process of manual underwriting and claims analysis. The average medical record holds more than 44,000 words entailing more than 2900 medical extractions, data points such as procedures, conditions, and medications. DigitalOwl’s technology solution extracts over 17,000 medical data points from a variety of different conditions, procedures and medications including cancer, heart disease, accidents, orthopaedic surgeries, diabetes, arthritis, hypertension and brain injuries, with greater than 95 percent accuracy.