After doubling its customer base in 2023, Wisedocs announced today the closing of a Series A financing round.
The Toronto-based company is a medical record indexing, review, and AI summarization software platform for insurance carriers, healthcare providers, law firms, and more.
The oversubscribed round, at US$9.5 million, was led by Toronto-based early-stage B2B fintech investment firm Information Venture Partners, Thomson Reuters Ventures, and ManchesterStory.
“We are proud to lead Wisedocs’ Series A round,” stated Jane Podbelskaya of Information Venture Partners.
“The unique way in which the company is applying AI to analyze medical claims, an overwhelming demand for Wisedocs’ solution from various insurance industry players, and the CEO’s noble mission to improve lives of insurance claimants is what makes us particularly excited about this company,” the investor continued.
The Series A will further enable Wisedocs to expand team, product, and sales territories, according to a statement released by the firm.
“This latest financing round proves the success of our most recent technological advancements,” believes Connor Atchison, founder of Wisedocs.
Atchison says the claims ecosystem is “a siloed and slow-moving machine” that is ripe for disruption by AI-based tech.
“With the improvements in automation, intelligence, and centralization that Wisedocs enables, the claims process will be an efficient experience for companies, team members, and claimants alike,” he stated.
Tamara Steffens, Managing Director at Thomson Reuters Ventures, says that Wisedocs’ Gen AI solution is “game-changing.”
Matt Kinley, founding partner at ManchesterStory, agrees.
“Its technology is a welcome change to how claims are processed,” he says.
The Series A round follows Wisedocs’ $4M Seed round in 2022 after launching in 2021.
“By harnessing the power of modern technology, insurers can better prepare for the financial, economic, and environmental pressures of an unpredictable global world—which goes a long way towards managing industry risk,” wrote Atchison, who cofounded Wisedocs alongside Jenna Earnshaw, for Fintech.ca last year.