SiftMed (formerly Report Mate), a cloud-based automated medical document processing platform that uses artificial intelligence to accurately review and analyze unstructured medical data to improve access to critical information, received CAD$2.3 million in seed funding from Sandpiper Ventures.
The startup plans to use the fresh funds to further develop and commercialize its medical document processing platform. The platform helps users such as insurance companies and legal and medical professionals convert complex medical data into smart documents, review patient files and medical histories and help find facts with accuracy and speed – at scale.
The insurance market currently spends an estimated $15 billion annually to manually organize and review medical files. Yet, SiftMed reports that 1 in 5 medical insurance claims are still processed incorrectly.
Commenting n the funding news, Holly Hill, Co-founder and CEO of SiftMed, said: “The new investment will allow us to reimagine how medical records are gathered, organized, and used. We want to change how the world organizes medical files, and the insurance market is just the tip of the iceberg for us.”
Cloud-based medical document management software startups have raised more than $200 million in funding to date, according to our funding database. More recently, Wisedocs, a provider of an AI-powered medical document processing platform for care providers and hospitals, raised CAD$4.1 million in Seed funding led by Ripple Ventures, with participation from Greensky Capital and angel investors, including George A. Papayiannis of Vena Solutions and startup veteran Tim Lett.
Click here to read more about the latest digital health funding news…