Cathay Innovation Leads $24M Series B in Nabla, the Leading Ambient AI Assistant for Healthcare Practitioners
January 8, 2024
- New financing will be used to expand capabilities and adoption of Nabla Copilot, designed to alleviate the administrative burden placed on providers and reduce clinician burnout.
- Launched in March 2023, Nabla Copilot has experienced rapid growth with +20,000 providers who have already adopted the solution for its accessibility, accuracy, and speed, and have helped build Copilot to better serve the provider community’s needs.
PARIS, Jan. 8, 2024 — Cathay Innovation today announced its investment in Nabla, the ambient AI assistant for healthcare practitioners, leading its $24M Series B funding round. This close brings Nabla’s total funding to over $43M while enabling company expansion across U.S. healthcare systems and continuing to transform the way providers deliver care with its ambient AI assistant.
Managing the electronic health record (EHR) has been deemed the single biggest stressor in patient care by clinicians. Clinical documentation is a time-insensitive task that adds six hours per week of EHR work for practitioners outside of standard time spent with patients. With its AI-powered note generation capabilities, medical coding recognition, and smooth EHR integrations, Nabla Copilot is saving clinicians valuable time so they can focus on caring for their patients. Providers claim the notes are remarkable for their precision, with only 5% requiring adjustments.
In addition to nationwide expansion, the Series B funding will allow the company to fuel its ambition to build the most intuitive and reliable ambient AI that can support clinicians across the clinical spectrum, up until medical decision support. The investment will also contribute to Nabla’s commitment to improving health equity with the launch of additional language options for Nabla Copilot.
“This fundraise allows us to continue delivering on our vision to build the premier ambient AI assistant that will allow physicians to experience the joy of practicing again,” said Alex Lebrun, co-founder and CEO, Nabla. “Clinical documentation is only the beginning for Nabla. Health systems are looking to leverage the AI opportunity to support their physicians in many different aspects, we are getting ready to be there every step of the way.”
“Nabla’s exceptional team understands clinicians’ pain points and has the deep, technical expertise needed to bring cutting edge AI and LLM technologies to the healthcare industry and best support practitioners shifting back to a patient-centric approach,” said Jacky Abitbol, Managing Partner, Cathay Innovation. “The company has demonstrated impressive early traction in both Europe and the US and we look forward to putting our global network and resources to work to help Nabla expand further and solidify their position at the heart of new AI medical applications.”
Less than 10 months since its official launch, Nabla reports three million consultations are conducted through Nabla Copilot annually, and more than 20,000 physicians have adopted the ambient AI assistant.
Nabla also prides itself for being scalable, having the capacity to cater to the unique needs of both small practices, and large health systems with 10,000+ clinicians. In an effort to bring its solution to a wider user base, Nabla has also partnered with EHR platforms who are increasingly looking to embed AI solutions like Nabla Copilot, which deliver smooth integrations, and streamline workflows while also prioritizing privacy, accuracy, and speed.
Founded in 2018, Nabla has proprietary Large Language Models (LLM) and Speech-to-Text (STT) technologies built by former Facebook AI Research engineers. Nabla’s advisors include AI and medical experts, including the godfather of AI, Yann LeCun; Dr. Megan Mahoney, Professor and Chair at UCSF Department of Family and Community Medicine; Dr. Haipeng (Mark) Zhang, Associate Program Director of the Clinical Informatics and Innovation Fellowship at Brigham and Women’s Hospital; and Dr. Andrew Lundquist, Chief Medical Officer of the Mankato Clinic.
Available on mobile, desktop, and API, Nabla continually improves its user experience by applying feedback from its engaged clinician community. The company does not store data, complying with the highest confidentiality and privacy regulations.
Nabla is the developer of Nabla Copilot, an ambient AI that helps clinicians enjoy care again. AI-powered Nabla Copilot generates clinical notes in seconds from any encounter across all specialties, reducing practitioners’ stress and improving patient care. Nabla Copilot’s capabilities also include AI-enabled medical coding identification, and smooth EHR integrations. The company’s advisors include Yann LeCun, VP & Chief AI Scientist at Meta, also known as one of the founding fathers of artificial intelligence, Megan Mahoney, chair of the UCSF Department of Family and Community Medicine, Dr. Haipeng (Mark) Zhang, Associate Program Director of the Clinical Informatics and Innovation Fellowship at Brigham and Women’s Hospital; and Dr. Andrew Lundquist, Chief Medical Officer of the Mankato Clinic. Investors include global venture capital firm Cathay Innovation, as well as seasoned entrepreneurs such as CMA CGM Group Chairman and CEO Rodolphe Saadé, tech entrepreneur Xavier Niel, Tony Fadell, co-creator of the iPod and iPhone, as well as Rachel Delacour, CEO & Co-founder at Sweep, among others. Since its launch in 2021, Nabla has raised a total of $43M. The company is headquartered in Paris with an office in Boston. For more information, please visit: www.nabla.com.
About Cathay Innovation:
Cathay Innovation is a multistage venture capital firm, affiliated to Cathay Capital, investing in founders building transformative businesses across Europe, North America, Asia, Latin America and Africa. Its platform connects founders with investors and its ecosystem of leading Fortune500 corporations to help startups scale and transform industries with consumer to enterprise and AI solutions in commerce, fintech, digital health and mobility / energy. Founded in Paris in 2015, Cathay Innovation now manages over €2.5B AUM with additional offices in Berlin, San Francisco, Shanghai and Singapore and has invested in over 100 startups including Chime, Pinduoduo (NASDAQ: PDD), Glovo, Wallbox (NYSE: WBX), Owkin, Getaround, Ledger, ZenBusiness, Alma, Descartes Underwriting and more. To learn more, visit us at www.cathayinnovation.com or follow us on LinkedIn or Twitter @cathayinnov.