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Exclusive: Insurtech Wisedocs raises $9.5 million

Jan 30, 2024
Illustration of a very long hospital bill pierced by fountain pens.

Illustration: Maura Losch/Axios

Wisedocs, a Toronto-based document processing platform for insurance claims, raised US$9.5 million in a Series A led by Information Venture Partners, the company tells Axios exclusively.

Why it matters: The platform streamlines claim processing by automating how medical records are filed and reviewed.

How it works: It uses machine learning to ingest, review and index unstructured medical documents, including clinician notes, medical briefs, assessment reports and discharge summaries.

  • Clients can view medical record summaries on the Wisedocs platform, or they can export data into their existing workflows.
  • Customers include insurance carriers, health care providers, law firms and third-party administrators.

Between the lines: "It takes a lot of back-office power and a lot of manual labor to navigate through [the claims process]. If we can automate that, we can give time back for higher-value tasks, we can have more concise outputs, and we can have quicker claims cycles," Wisedocs founder and CEO Connor Atchison says.

State of play: The company was founded in Toronto, serving the Canadian market; it launched in the U.S. in 2022.

  • But according to Atchison, now 70% to 80% of its client base is based in the U.S. — and it could have even broader international appeal.
  • "We're starting to see traction globally," Atchison says. "There's interest in the U.K. There [are] interesting conversations underway in Australia."

Of note: Thomson Reuters Ventures and ManchesterStory also participated in the Series A financing.

  • Wisedocs previously raised a C$4.1 million seed round led by Ripple Ventures with participation from GreenSky Capital.
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