Abridge Raises $250 Million in Series D - October 2024

Executive Summary

Abridge is a generative AI platform that converts medical conversations into clinically functional and billable documentation at the point of care, reducing administrative burden and clinician burnout.

Funding Amount: $250 Million

Valuation: $2.5 Billion (Pre-Money)

Round Type: Series D

Announced: October 2024

Headquarters: Pittsburgh, Pennsylvania

Category: Healthcare AI - Clinical Documentation

About Abridge

Abridge was founded in 2018 and is headquartered in Pittsburgh, Pennsylvania.

Abridge is a generative AI platform that converts medical conversations into clinically functional and billable documentation at the point of care, reducing administrative burden and clinician burnout.

Funding Round Details

Investment Amount

Abridge successfully raised $250 Million in this Series D funding round.

Lead Investors & Participants

Elad Gil (Co-Lead Investor): Entrepreneur and investor co-leading the Series D round

IVP (Institutional Venture Partners) (Co-Lead Investor): Leading late-stage venture capital firm co-leading the round

Bessemer Venture Partners (Investor): Long-term venture capital firm participating in the round

California Health Care Foundation (Strategic Investor): Healthcare-focused foundation investing in health innovation

CapitalG (Investor): Alphabet's independent growth fund

CVS Health Ventures (Strategic Investor): Corporate venture arm of CVS Health

K. Ventures (Investor): Venture capital firm participating in the round

Lightspeed Venture Partners (Investor): Multi-stage venture capital firm

NVentures (NVIDIA) (Strategic Investor): NVIDIA's venture capital arm providing AI compute expertise

Redpoint Ventures (Investor): Early-stage and growth venture capital firm

Spark Capital (Investor): Technology-focused venture capital firm

SV Angel (Investor): San Francisco-based seed investor

Use of Funds

The $250 million will fuel development of Abridge's AI capabilities, support commercial growth, and expand applications across healthcare settings. The platform currently supports 28+ languages and 50+ medical specialties, with integration across outpatient, emergency department, and inpatient care settings.

Key Metrics & Achievements

• $2.5 billion pre-money valuation (up from ~$200M in 2023)
• Total funding: $457.5 million
• Used across 100+ health systems nationwide
• Supports 28+ languages and 50+ medical specialties
• EHR integration for seamless workflow
• Covers outpatient, emergency department, and inpatient settings
• Reduces clinician documentation burden by up to 2 hours per day

Business Model

Abridge operates on a SaaS subscription model, licensing its AI-powered clinical documentation platform to health systems, hospitals, and medical practices. The platform integrates with existing EHR systems to automatically convert doctor-patient conversations into structured clinical notes, billing codes, and documentation. Revenue comes from per-provider licenses and enterprise contracts.

Market Opportunity & Competition

Abridge competes in the rapidly growing ambient AI clinical documentation market with companies like Nuance (Microsoft), Suki, Nabla, DeepScribe, and Augmedix. The market opportunity is massive as physician burnout and administrative burden remain critical healthcare challenges. Abridge differentiates through its comprehensive specialty coverage, multi-language support, and deep EHR integrations.

This fundraising report was announced on October 2024 and represents verified data from TechCrunch, Crunchbase, Bloomberg, Business Wire, and official company announcements.