Suki Secures $70 Mn to Expand AI Solutions for Healthcare Providers

Suki integrates with major electronic health record (EHR) platforms, including Epic, Oracle Cerner, Meditech, and Athenahealth.

Suki, an AI-powered voice assistant and medical scribe tool, raised $70 million in a Series D funding round. 

Suki plans to use the new capital to develop additional features, focusing on enhancing Suki Assistant’s skills for broader clinical support tasks such as pre-visit summaries and order entry. The company also aims to extend its support to other healthcare professionals, including nurses.

Founded in 2017, the company has gained momentum by integrating its AI technology with healthcare systems, aiming to streamline administrative tasks for doctors and healthcare professionals.

The Series D round was led by Hedosophia, with substantial contributions from Venrock, March Capital, Flare Capital, Breyer Capital, and inHealth Ventures. This latest round brings the company’s total funding to $165 million. 

A significant part of Suki’s growth is its expanded partnership with MedStar Health, a $7.7 billion health system across over 300 care locations. 

Suki's flagship product, Suki Assistant, will now be available to thousands of clinicians across MedStar Health’s ambulatory specialties, including cardiology, gastroenterology, and primary care. 

Reportedly, the technology will roll out in phases, starting with urgent care locations.

According to Jeff Collins, vice president of the MedStar Institute for Innovation, "Suki has been a vital partner for over four years. We’ve enhanced workflow, supported many providers, and improved EHR interactions. Providers report a significant improvement in documentation efficiency and patient care."

AI-Powered Future in Healthcare

Suki’s CEO and founder, Punit Soni, expressed confidence in the company's direction, stating, “We are in a new phase of growth. The healthcare industry is actively seeking AI solutions. With support from investors, we’ll accelerate growth, expand Suki’s capabilities, and deepen relationships with partners like MedStar Health, a key collaborator in our journey.”

Suki’s AI assistant is designed to simplify tasks such as clinical documentation, coding, retrieving patient data, listening to patient-clinician conversations, and automatically generating documentation. 

The tool is reportedly helping clinicians save time, with some experiencing up to 72% faster completion of clinical notes, as the company claims. 

Suki has also seen a 70% adoption rate among clinicians, attributed to improved documentation quality, reduced burnout, and enhanced revenue capture.

Additionally, Suki integrates with major electronic health record (EHR) platforms, including Epic, Oracle Cerner, Meditech, and Athenahealth. The AI-powered assistant streamlines existing workflows by accommodating pre-charting and live data entry, further easing administrative burdens.

Suki’s Future Plans

Suki's revenue has grown substantially, doubling its revenue in 2023 and projecting a fourfold increase by the end of 2024. 

“The platform business will likely grow from a small percentage of our revenue to 33% by next year and potentially more than 50% by 2026,” Soni stated.

Bryan Roberts, partner at Venrock, commented on Suki’s growth, saying, “Suki has expanded rapidly through strategic partnerships and is well on its way to becoming the leading AI platform for healthcare.”

Suki’s ongoing success in the AI medical assistant market comes as health systems increasingly adopt technology to address clinician burnout. The company recently added more than a dozen health systems to its partner roster, including deploying its AI solutions in rural hospitals. Suki also partnered with major healthcare improvement companies such as Premier and telehealth platforms like Amwell's Converge.

“AI in healthcare is here to stay, and the sector will see continued growth across enterprise systems and small-to-midsize businesses. This year, we’ve transitioned from simply working with health systems to building out AI solutions for the entire ecosystem,” Soni noted.