Exclusive: Laudio snags $13M Series B for automation
Laudio, a health care operations management software company, raised a $13 million Series B to shore up AI capabilities, CEO Russ Richmond tells Axios exclusively.
Why it matters: Laudio automates administrative tasks — a long-time contributor to health system workforce burnout, and an initial use case for generative AI.
Details: This round was led by Define Ventures with participation from existing investors .406 Ventures, InHealth Ventures, MemorialCare Innovation Fund, and TeleTracking Technologies.
- "We should be cash flow positive in the next two or three years," Richmond says, noting the fundraising process took about two months.
- Boston, Massachusetts-based Laudio has raised $25 million to-date.
How it works: Laudio automates repetitive work and provides front line health care workers with recommendations and best practices.
- "Unfortunately, today’s health systems are stuck in a never-ending cycle: employee turnover creates staffing crisis, which in turn costs health systems more money as they look to inefficient labor pools," says Richmond.
- Its software automates tasks like employee rounding, checking with new hires, checking in on patients, assessing overtime, doing audits on the quality of work.
- One example is lets say a nurse has worked five straight shifts with newly trained employees - Laudio will pick up on this and alert the manager to reach out to that nurse, thank them, and arrange their schedule.
- Laudio is currently used by more than 20 health systems.
What's next: "Laudio is making larger investments in its AI and analytics platform, which nudge leaders to take the right action at the right time through real-time recommendations," Richmond says.
- Richmond wants to establish Laudio as the future of work within the health care space this year.
What they're saying: "Laudio is targeting the number one challenge faced by every health system and every patient in the US: clinician burnout," says A.G. Breitenstein, venture partner at Define Ventures.
- "Laudio’s team, technology and deep industry leadership are best positioned by far to make the work of front line health care staff faster, simpler and easier," he says.
The bottom line: "Clinician burnout is the top issue for every single health system in the US, and simply adding more staff is only a partial solution," Breitenstein says.