Docbot, which develops an automated software platform that provides actionable real-time computer vision and machine learning detection, automated reporting, and data-driven analytic tools to improve patient care and clinical workflows, closed a $4 million Series A round.
Khosla Ventures led the funding round with Bold Capital Partners, Collaborative Fund, and Boutique Venture Partners, bringing the company’s total amount raised to $8.5 million since inception.
According to Docbot, its automated software platform – UltivisionAI leverages over ten years of data from more than 53,000 procedures to enable physicians, healthcare providers, and life sciences companies to make data-driven decisions for more reliable gastrointestinal (GI) disease detection.
Docbot said the new capital would be used to advance clinical trials and seek FDA clearance. “We invest in companies that use technology to improve human life,” said Alex Morgan, M.D., Ph.D., Partner at Khosla Ventures. “Docbot uses AI to augment human abilities, improving diagnosis, detection, and treatment of GI diseases. In the future, if you are getting a procedure like a colonoscopy done, your colonoscopist will be aided by an AI system ensuring you get the best result possible. You won’t want to have one done without it.”
Andrew J. Ritter, CEO at Docbot, said, “With the new funding, we will expand our team and advance our technology platform while growing clinical evidence for the value of UltivisionAI.”
Clinical Decision Support software companies raised $661 million in 15 venture capital (VC) funding rounds in Q1 2021, compared to $505 million in 12 funding rounds in Q4 2020, a 31% increase in quarter-over-quarter funding activity, according to the latest Mercom Digital Health Funding and M&A Report. Recently, PathAI, a provider of AI-powered clinical decision support tools for pathology laboratories, announced the closing of its $165 million Series C financing round.