Exclusive: Artisight nets $42M Series B for smart hospital platform
Artisight, an AI-powered platform designed to help streamline hospitals workflows, raised a $42 million Series B, president Stephanie Lahr tells Axios exclusively.
Why it matters: Comprehensive AI platforms can help address efficiency and burnout for health systems navigating thin margins and labor issues.
Details: NVIDIA, alongside other existing investors, participated in the round.
- Chicago-based Artisight declined to name other investors, including the lead investor, in the round.
- Artisight had a $159.50 million post-valuation as of August 2022 and raised nearly $33 million prior to this round, per PitchBook. The company declined to comment on valuation, as well as revenue and profitability.
How it works: The Artisight platform — developed and designed by clinicians — pairs IoT sensors with deep learning and open AI standards to streamline virtual nursing, computer vision, voice recognition, vital sign monitoring, indoor positioning capabilities, and actionable analytics reports.
- IoT sensors are cameras for computer vision, speakers and microphones for LLM processing.
- "We believe that cameras and microphones will and should be in every hospital room," Lahr says.
- Artisight has 11 health systems as clients, including WellSpan Health and Guthrie Clinic.
- The data collected is often used to put together special reports when requested or to share with health systems.
What's next: "We want to go from 11 to 50 health systems and beyond, so this gives us runway to focus on our scale and growth and not be distracted by the dollar and cents it takes to get that done," Lahr says.
Yes, but: Health systems are overwhelmed with myriad point solutions — and with a limited budget, those investment decisions become more crucial.
- Lahr notes the land-and-expand model resonates with many health systems.
- "Remote nursing is one where people jump in right away, as it helps them retain staff and that alone creates ROI for the system," she says.