US-based health tech start-up Fabric has received $60m from investors to kick start its automated, artificial intelligence (AI) driven software which is designed to automate clinical and administrative work in healthcare facilities.
The New York-based company said the funds will be used to advance its electronic patient care and management software, known as the In-Person Care Suite, Virtual Care Suite, and Engagement Suite.
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Last month, Fabric was able to acquire a conversational AI care assistant and patient engagement suite, Gyant. Fabric has said that part of the funding will go towards advancing the AI aspects of its software, as well as seeking to acquire and merge with more AI firms.
Fabric CEO Aniq Rahman said: “Healthcare faces unprecedented challenges, including rising demand, underlying costs, and staffing constraints, which pose significant barriers to access. With the investment, we will continue addressing these challenges and further our mission of providing boundless care through seamless and intuitive experiences.”
The Fabric suite of software is in part designed to allow patients to manage their own care, as well as track symptoms and schedule appointments. Fabric has said that it intends to leverage its new conversational AI care system to implement chatbots as a means of allowing patients to schedule appointments. According to Fabric, more than 70 healthcare companies use the software, including US-based non-profit Luminis Healthcare.
The funding was delivered in most part by venture capital firm, General Catalyst, with input from Thrive Capital, Google Ventures, and Salesforce among others.
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By GlobalDataElsewhere in the space of patient management and AI, UK-based Spectral AI received UK Conformity Assessed (UKCA) authorisation for its DeepView AI-Burn predictive software and French AI start-up, Bioptimus, launched with $35m in seed funding.
