Flare Capital Partners, a venture capital firm focused on digital health companies, led the round with participation from Breyer Capital and Epsilon Health, First Round Capital, and Venrock.
According to Mercom data, since 2010, Flare Capital Partners has invested over $300 million in several digital health companies. The Flare Capital Partners investment portfolio includes Aspen RxHealth, Aetion, Bright Health, ClearDATA, Cohere Health, Curisium, HealthVerity, Iora Health, Suki, Tausight, Welltok, Valence Health (acquired by Evolent Health), and Circulation (acquired by LogistiCare).
As part of the investment, Bill Geary, co-founder and general partner at Flare Capital Partners, will join the company as Board of Directors.
The new funds will help to expand its user base through new and existing partnerships with health systems and medical groups across the country. The funds will also help to advance the AI capabilities of its product and add new features that streamline documentation, coding, billing, and other administrative tasks for physicians.
Leveraging AI and NLP, Suki digital assistant creates clinically accurate medical notes and instantly completes administrative tasks such as retrieving patient information from the electronic health records. Suki understands physicians, adapting to their specialty, clinical setting, and speaking style, becoming more personalized as they use it. The assistant helps doctors practicing in any clinical setting as well as any specialty, including cardiology, plastic surgery, ophthalmology, pediatrics, orthopedics, and family medicine.
In 2018, the company secured $15 million in Series A funding, which was led by Venrock with participation from First Round, Social+Capital, Nat Turner (Flatiron Health), Marc Benioff, and individual Google employees and angel investors.
With this Series B round, Suki has raised over $35 million to date.
“Health systems are waking up to the overwhelming burden of physician burnout, from the financial costs of training doctors and medical records manual entry to the increased likelihood of medical errors. At the same time, they recognize that timely, detailed documentation is essential to accurate coding and reimbursement for their services,” said Bill Geary. “Suki’s natural language processing empowers physicians to more efficiently create detailed records, and its artificial intelligence contextualizes this clinical and billing data for whoever may need it, including clinician or billing staff.”